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Thursday, 1 April 2021

Tamweely is getting closer to a booster

Microfinance player Tamweely could soon secure a EGP 100 mn loan from the European Bank for Reconstruction and Development to boost its microfinance portfolio, Chairman Amr AbouElazm said at a presser yesterday, according to Masrawy. AbouElazm didn’t offer any other details or specify when Tamweely expects to lock down the facility. Tamweely bumped up its loans portfolio 139% y-o-y in 2020, with the number of loan beneficiaries rising to 75k at the end of last year, compared to 55k at the end of 2019, he said.

SEPARATELY- Tamweely is looking to provide micro leasing products to SMEs early 2022, once it receives sign-off from the Financial Regulatory Authority, CEO Ahmed Khorshid tells Al Mal, according to a report in the newspaper’s print edition. Micro leasing entails in-kind loans in the form of working equipment, as opposed to liquidity. Tamweely also plans to introduce nano-finance schemes to customers before year-end, which would cater to low-income earners and provide them with greater access to borrowing, Khorshid added.

Tamweely has also partnered with Banque Misr to provide a set of new e-services to clients including the provision of loans through Meeza cards, Khorshid said.

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