By: Islam Fadl
Cairo – Mubasher: Tanmeyah Microenterprise Services has offered funding worth EGP 14 billion ($870 million) so far, since established in 2009, the company’s CEO Amro Abouesh said.
Loans were extended to a total of 1.4 million clients, Abouesh noted, adding that 41% of those loans were provided for projects led by women.
Abouesh’s remarks came in a press conference after Tanmeyah inked a funding agreement worth $5 million with the European Bank for Reconstruction and Development (EBRD).
The loan, which will be granted in local currency, is the first of its kind to be provided for a microfinance sector company in Egypt, outside the banking sector.
The EBRD stated that the funding came within the bank’s broader plan to boost lending to women-led micro-, small-, and medium-sized enterprises (MSMEs).
