Egypt Daily News – An investment consortium that includes the direct investment company “SPE,” the European Bank for Reconstruction and Development “EBRD,” British International Investment “BII,” and Development Capital Ventures “TCV,” has officially acquired the Egyptian micro-financing company “Tamweeli.”
The acquisition deal is valued at approximately 2.8 billion Egyptian pounds, equivalent to about 58 million dollars.
The shareholding of “Tamweeli” is divided among three government-owned entities: “Ayadi” for Investment and Development, which holds a 40% stake, and the remaining 60% is evenly split between “Bariid for Investment” and “NI Capital Holding for Investment.”
Hassan Al-Khatib, Egypt’s Minister of Investment, emphasized that this transaction is part of a broader strategy by the government to adhere to its State Ownership Policy Document. He noted that the exit from “Tamweeli” is aligned with the government’s new three-year program aimed at enhancing economic reforms.
Furthermore, Minister of Planning and International Cooperation, Raneya El-Mashat, highlighted that some of the payment for the acquisition will be made in dollars, indicating the importance of foreign investment in the context of the government’s offerings program.
She also mentioned that the progression of further deals under this program will depend on the completion of necessary evaluations and legal procedures.
