FIRST MICROFINANCE COMPANYStatus: Approved investment
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Who is our customer
First Microfinance Company Egypt (FMF-E) is a non-profit MFI in Egypt. Established in 2005 as an NGO by Aga Khan Association for Microfinance (AKAM), the MFI transformed from an NGO to a company at the end of 2018. FMF-E focuses on bottom-of-the-pyramid, mainly rural clients in Egypt, particularly youth and women (app. 60% of loan portfolio)
What is our funding objective?
With FMO's financing FMF-E will increase its outreach to women and youth in rural areas. FMF-E is a 100% inclusive finance project.
Why do we fund this investment?
FMF-E fits perfectly in FI-MENA's strategy of financial inclusion due to its client focus and fintech strategy. FMF-E contributes to access to finance for microfinance clients at affordable conditions, which facilitates small scale, labor intensive economic activities. Its large presence in upper Egypt is interesting from a development perspective an differentiates FMF-E from other MFIs.
What is the Environmental and Social categorization rationale?
The project has been categorised as Category C in accordance with FMO’s Sustainability Policy. As part of the loan, First Microfinance Company – Egypt will be required to apply the EDFI Exclusion List and Egyptian E&S laws and regulations.
|Date||Total FMO financing|
|8/6/2020||EUR 0.03 MLN|
- Financial Institutions
- Publication date
- Effective date
- Total FMO financing
- USD 0.70 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C)