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Tamweely Microfinance to ink more finance deals, open more branches
Tamweely Microfinance Board Chairman Amr Abul Azm said the company is expected to ink more finance deals in the coming period to support small and micro-sized enterprises, referring to ongoing negotiations with two banks operating in the Egyptian market to clinch agreements worth EGP 250 million.
The company has signed finance agreements worth EGP 750 million with six banks, he said in press statements, noting that the company’s finance portfolio stood at EGP 300 million benefiting 16,000 entrepreneurs. Tamweely seeks to up its finance portfolio to EGP 1 billion by the end of 2019, he said.
ِAs for the company’s expansion plans, he said the company is planning to almost double the number of its branches to reach 40 by the end of the year through opening more branches in Delta, Upper Egypt and Alexandria.
Abul Azm said the trade sector swallowed about 70 percent of the company’s finance, while the service sector came in the second position and the industrial one in the third.
He said the company is one of the key supporter for women, noting that women’s share of the company’s finance portfolio stood at 40 percent.
He added that the company’s paid up capital recorded EGP 50 million and is expected to increase during 2019.
He noted that the company’s expansion plans coincide with developing financial inclusion and supporting plans to get informal economy to join the formal mechanism to realize social and economic goals, including creating jobs and supporting low-income brackets.
Tamweely Microfinance was established with an issued capital of EGP 50 million and an authorized capital of EGP 500 million. It is owned by three companies, including NI Capital, Ayady for Investment and Development, and Post for Investment.
Tamweely Microfinance is a non-banking organization that is established to reinforce Egyptian economy and individuals’ livelihood through the provision of financial inclusion for micro and small enterprise sector. By the powers vested in Tamweely by the financial regulatory authority (FRA), Tamweely Microfinance takes serious actions in the alleviation of Egyptian poverty and the up growth of sustainable employment opportunities. These actions are strategically taken through comprehensive and in-depth solutions, introduced in the form of market-focused financial services, hybrid distribution channels, focused partnerships and more.
Combining the sense of social responsibility, the urge to take an effective role in economy, and the insistence on promoting the job creation mechanism in Egyptian sociality, Tamweely microfinance purpose is to boost individuals’ livelihood by financially fostering their own independent businesses. Through Tamweely Microfinance services, the creation of an enabling environment in which youth can innovate, establish and develop their own opportunities is finally guaranteed.
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