NI Capital’s Tamweely officially begins operations

NI Capital’s Tamweely announced yesterday that it has officially launched its operations after receiving its final microfinance license in July, according to an emailed statement (pdf). The company will focus largely on providing funding to women and youth and working to merge informal businesses into the formal economy as part of the state’s financial inclusion drive. Tamweely was established in August 2017 by state-owned investment bank NI Capital with an initial investment of EGP 50 mn.