CAIRO - 9 September 2024: A group of investors, led by SPE PEF III (SPE Capital), the European Bank for Reconstruction and Development (EBRD), Tanmiya Capital Ventures (TCV), and British International Investment (BII), has successfully acquired Tamweely Microfinance S.A.E (Tamweely) for over LE 2.5 Billion.
This acquisition took place in the presence of Minister of Planning and International Cooperation, Rania Al-Mashat, and Minister of Investment and Foreign Trade, Hassan El-Khatib. The consortium plans to collaborate with CEO and Managing Director, Ahmed Khorched, and Tamweely’s management to enhance the company's infrastructure, organization, and operations.
Their goal is to expand the range of products offered to cater to Egypt's unbanked and underserved populations.
Al-Mashat highlighted that the transfer of government ownership in Tamweely to an international investor consortium reflects Egypt's commitment to empowering the private sector and attracting both domestic and foreign investments.
This move is in line with the State Ownership Policy (IPO) program, aiming to optimize returns on state assets.
El-Khatib emphasized the Ministry of Investment's dedication to improving the investment climate to attract more direct investments.
The ministry is ready to support the investment consortium and any local or foreign investors interested in investing in Egypt.
Since its establishment in 2017, Tamweely has assisted over 500,000 clients and disbursed more than EGP 17 billion. The company operates through a network of 230 branches and employs over 3,950 loan officers across 24 governorates.
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