International consortium acquires state-run Tamweely for over EGP 2.5B
Updated 9/9/2024 7:23:00 AM
Arab Finance: A consortium of international investors has signed an agreement to acquire 100% of the Egyptian non-banking financial services provider Tamweely Microfinance for more than EGP 2.5 billion, as per an official statement.
The consortium comprises SPE Capital’s Private Equity Fund III (PEF III), the European Bank for Reconstruction and Development (EBRD), Tanmiya Capital Ventures (TCV) and British International Investment (BII).
On the other hand, the deal marks the exit of the state-owned NI Capital Holding for Financial Investments, Ayady for Investment and Development, and Post for Investment (PFI).
The consortium will partner with Tamweely’s CEO and Managing Director Ahmed Khorched and the management to boost the company’s infrastructure, organization, and operations, Chairman of Egypt Post Abdo Elwan highlighted.
This is in addition to further expanding the firm’s suite of products to serve unbanked and underserved Egyptians, he added.
“The divestment of government entities from Tamweely for Microfinance in favor of a consortium of international investors exemplifies the government's vision to empower the private sector, attract both local and foreign investments, and gradually withdraw from certain sectors,” Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat stated.
Related News
