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Tamweely gets EGP 100m loan from 2 banks

Tamweely gets EGP 100m loan from 2 banks
Tamweely gets EGP 100m loan from 2 banks

By: Eslam Fadl

Cairo – Mubasher: Tamweely Microfinance has received a loan worth EGP 100 million from two banks, namely the Egyptian Arab Land Bank (EALB) and the Export Development Bank of Egypt, it chairman has said.

Speaking to Mubasher, Amr Abou El Azm revealed that the loan would be used in a number of micro-projects.

Tamweely currently focuses on the commercial, services, and industrial sectors for micro-enterprises as well as small handcraft projects created by women.

Established in August by an alliance of three companies, Tamweely Microfinance’s issued capital amounts to EGP 50 million, while its authorised capital is EGP 500 million.

Last week, EALB chairman Amr Kamal told Mubasher that the bank was planning to finance small and medium projects with EGP 100 million as part of its plans to diversify the bank’s activities and reach new clients. 

In August, Tamweely’s chairman told Mubasher that his company had opened its first branch in the governorate of Sharqia, adding that Tamweely was planning to open six more branches across the Nile Delta and Upper Egypt by the end of 2018 and bring the total number of its branches to 15 by the end of the year.

In July, the chairman had said that his company would inject EGP 100 million in financing between July and December. A couple of months before that, the microfinance firm said it was in talks with banks to obtain an EGP 200 million loan.