Tamweely Microfinance launches new financing line to back SMEs: Egypt

Tamweely Microfinance will launch a new financing business line within the coming days to serve small and medium-sized enterprises (SMEs) after being licensed by the Financial Regulatory Authority (FRA), as per an emailed press release on July 31st.

The new line will provide financing ranging between EGP 220,000 and EGP 7 million per ticket for a start, targeting SMEs with annual revenues between EGP 1 million and EGP 200 million, the Executive Managing Director of Tamweely's SMEs Marwa Nabil said.

The move aims to boost the firm’s competitiveness in the non-banking financial services market, CEO and Managing Director of Tamweely Ahmed Khorched noted.