Fawry Microfinance greenlights EGP 310 mn debt to fuel expansion: Fawry subsidiary Fawry Microfinance is taking on an EGP 160 mn loan from the Egyptian-American Enterprise Fund (EAEF) and a EGP 150 mn credit facility from Banque Misr after the parent company’s ordinary general assembly approved the terms on Thursday, the company said (pdf). EAEF owns a 9.7% stake in Fawry while Banque Misr owns 6.3%. Fawry CEO Ashraf Sabry had told Enterprise last month that expanding the microfinance subsidiary complements Fawry’s digital lending strategy as it enables merchants to pay their suppliers electronically.

Also approved by the assembly:

  • Banque Misr getting a 2% stake in Fawry Dahab, an e-payments service for public utilities.
  • Increasing Fawry Dahab’s service fee to 17.25% from 15%.
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