Egypt’s Tamweely launches its first SMs financing line

Egypt’s Tamweely Microfinance is launching a new financing business line in the upcoming days to serve small and medium-sized enterprises (SMEs), it said on Monday.

The decision came after the firm was licensed by the Financial Regulatory Authority (FRA). The new line will provide financing ranging between 220,000 Egyptian pounds and seven million pounds per ticket for a start.

It will target SMEs with annual revenues between one million pounds and 200 million pounds, said the company’s Executive Managing Director of SMEs Marwa Nabil.

The new line will boost Tamaweely’s competitiveness in the non-banking financial services market, according to the company’s CEO and Managing Director Ahmed Khorched.