By: Eslam Fadl
Cairo – Mubasher: Tamweely Microfinance is currently in talks with five local banks over a financing bundle worth EGP 200 million, chairman Amr Abou El Azm told Mubasher.
We expect to receive our licences next week so that we can begin our operations in financing micro-sized companies, he added.
Tamweely is looking to establish 15 branches in the coming period to cover as many governorates as possible with a particular focus on Upper Egypt and the Delta, Abou El Azm told Mubasher via phone.
Tamweely Microfinance was established in August 2017 through a three-company alliance, including NI Capital Holding Investment, Ayady Egypt, and the Mail Investment company, which is a subsidiary of the Mail Authority.
Tamweely’s issued capital amounts to EGP 50 million, while its authorised capital is EGP 500 million.
Translated by: Nada Adel Sobhi
