Egypt**  | عربي


NSGB loan to Lead foundation, Egypt, jointly guaranteed by Grameen Credit Agricole foundation and Grameen Jameel

On October 25th, 2010, Lead Foundation, Egypt signed a 33 million Egyptian Pound 3-year medium-term loan provided by National Société Générale Bank “NSGB” the Egyptian subsidiary of French bank Société Générale. The financing was facilitated through a 50% co-guarantee equally split between Grameen Jameel from Dubai and Grameen Credit Agricole Foundation from Luxembourg and followed a joint due diligence by the two guarantors.
 
The deal will enhance Lead Foundation's ability to expand outreach and provide new opportunities to Egypt's economically active poor. For Grameen Jameel and Grameen Credit Agricole Foundation, this marks the first-ever cooperation between two independent Grameen microfinance investment structures. By leveraging the guaranteed amount by 100%, National Societe Generale Bank set an important example of the strengthening commercial banking support for microfinance in Egypt. NSGB’s parent company, Société Générale Group, maintains a firm commitment to the micro-finance sector, illustrated via strong financing relations maintained with close to 30 micro-finance institutions in 15 countries, covering a global amount of over €100 million.
 
 

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