Cairo – Mubasher: Tamweely Microfinance’s board of directors approved raising the company’s capital by 50% to EGP 75 million from EGP 50 million.

The capital hike aims to finance the company’s expansion plans in 2019 and implement the operation strategy adopted by the company since August 2018, the company said in a statement on Sunday.

Tamweely Microfinance plans to increase the number of its branches to 40 by the end of this year and to 60 by the end of 2020 from the current 25, the company’s chairman, Amr Abou El-Azm, said.

Part of the capital increase will be invested in developing information technology systems as well as financing training and marketing plans, he added.

In addition, the company also aims to provide microenterprises with EGP 350 million to be offered to about 17,000 customers during the next six months, the company’s CEO and managing director, Ahmed Khorshid, revealed.

Tamweely Microfinance’s financing portfolio registered EGP 400 million offered to nearly 23,000 customers, Khorshid added.