Tamweely acquisition advances Egypt’s state ownership policy – minister

The acquisition of Tamweely Microfinance’s shares to an international consortium is marking a key step in implementing the State Ownership Policy Document, Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, Egyptian Cabinet reported on Monday.

The remarks were made during the signing ceremony on Sunday of the agreement to acquire 100 per cent of Tamweely’s shares, owned by NI Capital, Ayady (subsidiaries of the National Investment Bank), and Post for Investment (PFI), to an international investor consortium.

The event was attended by Investment and Foreign Trade Minister Hassan Al-Khatib, representatives from private sector companies, business community members, and international partners.

Al-Mashat emphasised the significant role microfinance plays in fostering inclusive economic growth and financial inclusion.

She highlighted that Egypt has approximately 3.4 million private sector enterprises, with 98 per cent being micro, small, and medium-sized businesses.

Over the past seven years, Tamweely has provided 17 billion EGP in funding to 500,000 unbanked enterprises, with 47 per cent of the financing going to female entrepreneurs, a key driver in achieving gender equality.

Attribution: the Egyptian Cabinet

Subediting: M. S. Salama