350 people found jobs through an employment programme.
The microfinance programme in Egypt began in the district of Darb Al-Ahmar in Cairo’s Historic City. It is managed centrally by the First MicroFinance Foundation, which was established in 2005. It has now expanded beyond Cairo to the rural areas of the Aswan Governorate.
The programme in Cairo focuses on the revitalization of an impoverished and dense district, called Darb al-Ahmar, which borders Al-Azhar Park, one of the AKTC’s largest projects. Due mainly to the lack of infrastructure maintenance, low family incomes and the severe deterioration of monuments and private housing, development of the area has lagged behind other parts of Cairo. Living conditions have deteriorated over the past few decades.
The institution supports local ownership, stimulates the development of enterprise, traditional workshops and tourism and ensures sustainability of the rehabilitation work. In addition to these income-oriented loans, the programme in Cairo is working with technical teams of the AKTC to assist residents of the Darb Al-Ahmar rehabilitate their homes. The aim is to preserve the area’s historic character while simultaneously increasing the availability of suitable rental housing, thus fully associating local population with rehabililitation and preservation efforts.
With the establishment of a microfinance programme in the Aswan Governorate in early 2006, the programme is now operating in three important cities in the country. It has adapted products and services to meet local needs, including agriculture, animal husbandry and rural enterprise loans.
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