Cairo — Mubasher: Tamweely Microfinance announced that it has obtained credit facilities at a total value of EGP 700 million over seven months, the chairman of Tamweely Amr Abou El Azm said.
The company plans to increase its credit portfolio to reach EGP 1.4 billion during the coming three years, as well as raising its branches to 60, he stated.
Since August 2018, Tamweely has borrowed from six banks; namely, Export Development Bank of Egypt, Egyptian Arab Land Bank, the National Bank of Egypt (NBE), Industrial Development and Workers Bank of Egypt, Housing and Development Bank (HDB), and Suez Canal Bank, the chairman added.
Tamweely Microfinance is currently in negotiations over borrowing EGP 400 million new financing batch from four banks, El Azm added, according to a press statement.
In seven months, the company has funded 13,000 customers with a total of EGP 170 million, he added.
Furthermore, Tamweely plans to cover eleven governance in Egypt through 38 branches, as well as raising its customer base to serve 40,000 by the end of 2019, El Azm noted.
