In light of the French presidential visit to Egypt, the Ministry of Social Solidarity signs a cooperation protocol with Crédit Agricole Egypt Foundation for Development to support women empowerment
Cairo 29th of January, 2019 – During the French President Emmanuel Macron’s visit to Cairo, a cooperation protocol was signed by the Ministry of Social Solidarity and Crédit Agricole Egypt Foundation for Development. Through this protocol, Crédit Agricole Egypt Foundation for Development will offer the ministry’s National Foundation for Family and Community Development a grant to help finance microenterprises in the most deprived areas of Egypt. This protocol is at the core of Crédit Agricole Egypt’s strategy and Crédit Agricole Foundation for Development’s values of having an impact on the communities it operates in. The funding by the Foundation is designed to create job opportunities for women living in impoverished rural villages and empower the most-needy families.
The cooperation protocol was signed by Crédit Agricole Egypt Foundation for Development represented by the Managing Director of Crédit Agricole Egypt and Deputy Chairman of the Foundation, Mr. Pierre Finas, and Deputy Minister of Social Solidarity and member of the Board of Trustees of the National Foundation for Family and Community Development, Ms. Nevin El-Kabbaj, and in the presence of Minister of Social Solidarity Ghada Waly. The signing took place during the Egyptian-French Economic Meeting, which was attended by several ministers, including Dr. Sahar Nasr, Minister of Investment and International Cooperation of Egypt, Mr. Amr Nassar, the Minister of Trade and Industry, as well as Mrs. Agnés Pannier-Runacher, Secretary of state to the French Minister of Economy and Finance and many representatives of French companies operating in Egypt.
On this occasion, Mr. Pierre Finas mentioned: “We are very pleased to sign the funding protocol with the Ministry of Social Solidarity, which confirms the depth of our commitment towards the Egyptian economy and community. In line with our strategy and vision to be useful, we are joining hands with the Ministry of social solidarity that is conducting multiple initiatives to perfect the living conditions of the needy population. The ultimate objective of this protocol is to be in-line with the country’s policy in economic reform programs to expand the development of this important sector and to empower women in the most poor villages across Egypt by giving support to microfinance projects for jobs creation.”
The six million Egyptian pound grant is scheduled to be disbursed in three annual installments. Under this agreement, the social solidarity ministry will identify the most impoverished villages across the country and those eligible for the funding, as well as follow up on the implementation of micro-sized enterprises for the beneficiaries of the grant. The three-year deal is subject to renewal based on an assessment of results that will be carried out by a joint supervisory committee comprising representatives of both parties.
The funding is the latest in a series of social development programs sponsored by Crédit Agricole Egypt Foundation for Development that was established to enlarge the scope of the community activities initiated by the Bank since its establishment.
It is worth noting that Crédit Agricole Egypt Foundation for Development is keen on carrying out sustainable projects for the benefit of the Egyptian society, especially in education, health and social development. Out of the noticeable projects supported by the Foundation is the sponsorship of around 200 community schools in Upper Egypt and supplying clean potable water to 3,000 homes, to help out 9,000 consumers in deprived Upper Egypt villages.