Egyptian Microfinance supervisory representatives gather for microfinance and financial analysis basics training
Egypt’s current regulatory framework does not allow for non-bank commercial companies to provide microcredits with the majority of the sector being in the hand of NGO-MFIs, which are following different forms of reporting to the Ministry of Insurance and Social Affairs (MoISA). As part of MFMR’s overall objective to strengthen the capacities of relevant actors on the meso and macro level of the microfinance sector, a selective group of auditors and inspectors affiliated to MoISA and the Social Fund for Development (SFD) converged in Benha – Egypt for five day microfinance and financial analysis basics training course from June 16th to 20th, 2013. The training covered microfinance in general and best practices in addition to financial performance of portfolios, operational risks and loans portfolios related to MFIs. In his opening remarks to the participants, Mr. Johannes Majweski, MFMR Programme Coordinator highlighted the importance of providing auditors/supervisors over MFIs with sound conceptual understanding and practical tools for assessing and determining how best to audit NGO-MFIs. From his part, General Major Abdel Hakeem – Executive Director and the Chairman of the higher Committee for the Project for Supporting and Financing Productive Families (PFP) under MoISA – has emphasized on the importance of capacity building to the relevant staff.
By Mehrechane Nayel