The investment will help promote greater market competitiveness by bolstering competition in the micro, small and medium enterprises (MSMEs) financing market through a capital market solution.

The project aims to widen access to finance for the purchase of these vehicles and help strengthen the country's climate finance market, mitigating climate impact and supporting economic recovery in the country.

Tanmeyah, which was founded in 2009, provides working capital for smaller enterprises and reports having 391,000 clients.

The $150 million financing package will allow the bank to expand its financing to doctors and healthcare micro, small, and medium enterprises for working capital and purchase of medical equipment.

The fund is an implementation of the country’s strategic vision to support young innovators, with Nclude by Global Ventures to focus on accelerating fintech innovation and driving financial inclusion. 

The move is expected to affect companies such as credit card issuer Nubank, payment company PagSeguro, financial technology solutions firm StoneCo and digital wallet PicPay.

The investment will increase Omni's capacity to assist their existing as well as new clients, thus supporting the private sector's recovery in the wake of the pandemic.

EasyCash has become the first mobile payment application for Wallet Factory that was made to align with the Egyptian interoperability market standards for QR code-based digital payments and acceptance.

In the frame of this project, AFC, in collaboration with the national statistics office CAPMAS and the Central Bank of Egypt, conducted the first national representative financial inclusion survey in Egypt and build a data set as evidence base and baseline for future monitoring.

By focusing on the SMEs segment, including women-owned businesses, IFC aims to help close the existing financing gap for these two segments.