NI Capital establishes Tamweely for Microfinance

State-owned investment bank NI Capital has launched a EGP 50 mn micro-financing arm called Tamweely, the bank said in an emailed statement. The National Investment Bank subsidiary, whose financial services will be backed by its own technology platform, will primarily focus its operations in Upper Egypt and the Delta. “Tamweely for Microfinance is an important milestone in our non-banking financial services platform. We are committed to providing and developing finance and capital channels with an aim to support the growth and development of the Egyptian economy,” says NI Capital CEO and Managing Director Ashraf Ghazaly. Tamweely was founded in partnership with Ayady for Investment and Development and Post for Investment Co.