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Egypt - MEDA Empowers Youth in Microfinance
How can microfinance empower the children and the youth?
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This USAID note discusses the Egyptian Association for Community Initiatives and Development (EACID). EACID is one of the larger non-bank organizations delivering financial services to the un-served markets in Egypt. The note states that:
- EACID was created in 1998 with support from the Canadian International Development Agency (CIDA);
- EACID works with the youth through the Promoting and Protecting the Interests of Children who Work (PPIC-Work) project;
- Through PPIC-Work, EACID provides financial services to business owners who employ children and also to family-run businesses to improve the working conditions and learning opportunities for children and youth;
- EACID, thus, has an opportunity to have a positive impact on the lives of children and youth who work in these businesses.
It concludes that:
- Despite being smaller than many Egyptian microfinance organizations, EACID has grown significantly over the past eight years and has established itself as a profitable microfinance organization in Upper Egypt;
- EACID is reaching a broad target market and the majority of its client households fall well below the poverty line;
- EACID's results present enormous potential for other non-bank organizations in Egypt and the Middle East to innovate in the financial services sector while meeting the bottom line.
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