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FINANCIAL NEWS
New micro-finance initiative launched in Egypt at USD2.8mn worth
14 Sep 2017
(MENAFN) A state-owned investment bank NI Capital launched an USD2.8mn micro-finance arm called Tamweely in conjunction with government-backed private investment entity Ayady for Investment and Development.
Meanwhile, the Tamweely announcement trailed the May launch of a new micro-finance program by the Central Bank of Egypt, which aims to extend USD1.7bn in funding.
Furthermore, the initiative is the result of collaboration between the Egyptian Microfinance Federation and the Egyptian Financial Supervisory Authority.
Additionally, eight banks are collaborating involving the nation’s two biggest lenders, National Bank of Egypt and Banque Misr; Commercial Intl Bank and the Sharjah compliant Faisal Islamic Bank.
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MENAFN1409201700450000ID1095857764
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