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Mona Zulficar, the President of the Board of Trustees of Al Tadamun Microfinance Foundation, said that the outstanding loan portfolio of Al Tadamun has increased from L.E 34 million by end of 2013 to L.E 59 million by end of December 2014. The Portfolio at Risk “PAR” also decreased from 7.6 to 4.5% by end of December 2013.
She added that Al Tadamun is a non- governmental organization and one of the most proactive providers of microfinance in the urban neighborhood of Cairo, Giza and Qalyoubia and governorates.
According to Zulficar, Al Tadamun began in 1996 as a pilot Group-Guaranteed Lending and Saving (GGLS) Program developed in the Cairo neighborhood of Abdeen by the Save the Children/US-Egypt Field Office in partnership with a local NGO by the name of Women’s Health Improvement Association (WHIA). The project was designed to meet the need of underprivileged Egyptian women micro-entrepreneur in “Abdeen” district.
She mentioned that in March 2009, Al Tadamun became an independent NGO under the legal umbrella of the Ministry of Insurance and Social Affairs. During the same year, Al Tadamun ranked 27th worldwide in the 2009 Mix Global 100 Composite Ranking of Microfinance Institutions (MFs), being the 6th in the Arab region and 3rd in Egypt.
By the end of December 2010, Al Tadamun had 23 branches in Greater Cairo which served over 100,000 active clients with an outstanding loan portfolio of almost LE 80 million.
She noted that during the 2011 January 25th Revolution, and the socio-economic turmoil that followed, Al Tadamun’s clients fell to less than 40,000 and its outstanding loan portfolio decreased to less than LE 30 million.