According to the EBRD, the project consists of the provision of a senior unsecured loan to Tanmeyah Micro Enterprise Services under the Financial Intermediaries Framework of up to USD 5.0m (EUR 4.6m) equivalent in EGP. Envisaged tenor for the facility is 3 years including a 1 year grace period for principal repayment. The loan will comprise a first committed tranche of up to USD 2.5 million (EUR 2.3 million) and a second uncommitted tranche of up to USD 2.5 million (EUR 2.3 million) equivalent in EGP.
The facility will enable Tanmeyah to develop its agribusiness lending practice by providing (i) funding for on-lending to private MSMEs operating across the agriculture sector in a gender-responsive manner; and (ii) grant incentives to the benefit of sub-borrowers for GET-eligible projects. The facility will be accompanied by a comprehensive technical cooperation package.
As stated by the EBRD, Tanmeyah Micro Enterprise Services SAE is one of the oldest and most well-established companies in the Egyptian microfinance market, with over 14 years of operations. It has achieved rapid growth to become a leading entity in the field of working capital financing for low-income clients, being the 2nd largest company in terms of YE2022 outstanding portfolio, with ca. 11% market share and a total asset base of ca. EGP 4.4bn (USD 180m) as of December 2022.
With 306 branches nationwide located in rural and urban areas across 25 governorates, largely in the Delta and Upper Egypt' regions, Tanmeyah offers individual loans and ancillary financial services to income-generating microenterprises with no access to traditional banking sector products, and presents a strong focus on women borrowers. It serves ca. 350,000 clients whilst employing 4,200 staff.
Financial Intermediary - Tanmeyah Micro Enterprise Services SAE:
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