Cairo – Mubasher: Banque Misr has signed an EGP 500 million credit facility agreement with Tanmeyah, a subsidiary of EFG Holding, aimed at providing support to micro and small enterprise businesses.
The agreement will offer Tanmeyah a range of financing solutions, including short and medium-term loans, to assist its clients, particularly individuals and small business owners, with favourable terms and competitive rates, according to a press release.
Banque Misr’s decision to enter into this agreement highlights its dedication to supporting non-banking financial institutions in promoting economic growth and diversifying financing sources.
Mohamed El Etreby, Chairman of Banque Misr, stated that the bank is always keen to enter into initiatives and protocols that provide financing to customers of the small and micro enterprises sector, believing that these projects are the engine of economic growth and its pillar.
Jinu Johnson, CEO and Managing Director of Tanmeyah, commented: “By focusing on small businesses and extending our support to lower-income individuals, particularly women and youth, we enhance financial inclusion and facilitate sustainable business growth and economic stability.”
In April 2024, Banque Misr renewed a cooperation protocol with the Social Housing and Mortgage Finance Fund (SHMFF) with a financing target of up to EGP 25 billion.
Since its inception, Tanmeyah has issued nearly three million financing packages and operates around 305 branches across 25 Egyptian governorates, serving about 30,000 customers monthly with a workforce of 5,000 employees.
