Aman negotiation 4 local banks to borrow EGP 481mn

Wednesday 16 May 2018 02:26 PM


By Mahmoud Gamal - Ahmad Ali
Aman Microfinance Company, a subsidiary of the Raya Holding Group, is set to negotiate with four local banks to borrow 481 million pounds to finance micro-projects starting next year.

The company's chief executive Hazem Moghazi  said that it plans to increase loans granted to microenterprises to 481 million pounds in 2019, adding that it is negotiating with four local banks, which it refused to disclose them to fund the targeted financing.

He pointed out in statements to Al-Mal newspaper that Aman will inject 81 million pounds remittances this year after it obtained its first financing license following the approval of the Microfinance Act.

He confirmed that his company intends to increase its capital to 50 million pounds within one year from the date of operation, adding that the potential increase will be financed by the resources of the main shareholder «Raya Holding»