Tamweely Microfinance Opens Its First Fully Solar-Powered Branch In Minya, Egypt

According to a press release, Tamweely Microfinance opens its first fully solar-powered branch in the Astal, Samalut District, Minya governorate of Egypt.

This is a step taken by a financing company within the context of the green transformation strategy. It involves the application of sustainable environmental concepts and principles in a way that is compatible with the state’s plan.

Ahmed Khorshid is the CEO and Managing Director at Tamweely. He stated that the opening in Upper Egypt of the new branch marks the start of opening more branches whose work relies entirely on solar energy. This goal is to provide a healthy and clean environment as well as responsible use of natural resources, within the framework of Egypt’s Vision 2030.

This is a response to state directives. It is integrated with product design plans. We aim to focus in this period on green financing products. These products are in line with sustainability standards and meet local needs in rural areas. My finance company launched them several months ago and they have been a huge success. Customers were eager to request this type of financing for the year 2022.

Khorshid stated that the experience of setting up the green branch and supplying its infrastructure with solar energy was valuable and beneficial despite the high cost. This is why we consider this an investment in the future. This is especially true since the financing company plans to repeat the experience in new branches that will be opened and able to offer service in the new year. Some of them will be powered by clean energy in order to meet environmental sustainability standards.

The CEO and Managing director revealed that the financing company now has 150 branches in 23 governorates. Since its inception, the company has served 350,000 customers.

Recently, the President of the Arab Republic of Egypt, His Excellency Mr. Abdel Fattah El-Sisi, was on a State Visit to India from 24-27 January 2023 at the invitation of Prime Minister of India Shri Narendra Modi.