Tamweely looks to grow to 38 branches in Egypt by 2019-end

State-owned NI Capital’s microfinance arm Tamweely is targeting growing its number of branches to 38 across 11 governorates by the year-end, according to a press release (pdf). The company’s expansion strategy for the year also sees its portfolio growing to EGP 700 mn in loans to north of 40k microfinance users. Tamweely also signed an agreement with six local banks, including the National Bank of Egypt and the Egyptain Arab Land Bank, to extend EGP 700 mn in funds for its portfolio.