By: Eslam Fadl

Cairo – Mubasher: Tamweely Microfinance has entered into negotiations with two local banks to obtain financing facilities worth EGP 250 million, the company’s chairman and managing director said.

New finance deals will be signed in the coming period, Amr Abou El-Azm added, noting that the company’s finance reached EGP 750 million.

Since the launch in Egypt, Tamweely inked finance agreements with six banks valued at EGP 750 million, of which an amount of EGP 250 million has been secured since the beginning of 2019.

Tamweely aims to increase its finance portfolio to EGP 1 billion by the end of this year from EGP 300 million offered to about 16,000 customers.

As for the company’s expansion plans, Tamweely aims to raise the number of its branches to 40 from 22 with a particular focus on the Delta, Upper Egypt, and Alexandria.

Tamweely’s issued capital stands at EGP 50 million, while its authorised capital reaches EGP 500 million.

Translated by: Zeinab Adel