Cairo – Mubasher: The Egyptian Ministry of International cooperation has signed an agreement with Islamic Development Bank (IDB) to set up an Islamic microfinance institution, according to a press release.

The microfinance entity will operate with EGP 450 million, the release revealed, indicating that its assets are forecast to hit EGP 4 billion within five years.

The new institution is expected to stimulate social and economic development, to economically support youth and woman, and to finance vulnerable small enterprises, said Minister of International Cooperation Sahar Nasr.

Both Sahar Nasr and Ahmad Mohamed Ali, IDB President, sealed the deal on the sidelines of the annual meeting no.41 of IDB Group Board of Governors in Indonesia.