Minister of International Cooperation Sahar Nasr and the Islamic Development Bank Ahmed Mohamed Ali signed an agreement to establish Islamic micro-finance institution in Egypt with an EGP 450m paid-in capital. This came on the sidelines of the 41st Annual Meeting of the Islamic Development Bank Board of Governors, which took place in Jakarta, Indonesia from 15-19 May 2016.
In a statement, Nasr said that this projects targets small, medium and micro-sized enterprises in Egypt. The capital of this new institution is expected to grow to EGP 4bn within 5 years.
