Etisalat Egypt by e& and The Sovereign Fund of Egypt (TSFE) have partnered together to launch the new company Erada Microfinance. Enabled by fin-tech, Erada is granted license allowing access to a diversified set of innovative financial products for Micro and Small Enterprises to expand their businesses.
The founders and shareholding structure of Erada in addition to TSFE and Etisalat Egypt by e&, include Amr Abouelazm, an industry veteran in the area of non-banking financial services who has also been appointed as Vice Chairman & Chief Executive Officer of Erada.
The partnership is in line with Egypt’s Vision 2030 of supporting financial inclusion and creating opportunities for the youth through providing innovative financial services and digitally enabled lending products.
The legal team advising Etisalat Egypt from Shahid Law Firm was led by partner Michael Boutros (pictured) and senior associate Farah El Nahas.