Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat and Minister of Investment and External Trade Hassan ElKhatib witnessed the deal signing.

This agreement aligns with the government's vision to attract and encourage domestic and foreign investments and empower the private sector's contribution to development efforts, Al-Mashat said. 

She added that Tamweely has supported female entrepreneurs, accounting for 47 percent of the total funding. 

Minister Al-Mashat also noted that Tamweely has served more than 500,000 clients, disbursing more than EGP 17 billion since its inception.

She stated that it has operated a network of 230 branches and more than 3,950 loan officers across 24 governorates for seven years.

Furthermore, Al-Mashat emphasized that the deal highlights the role of development partners in supporting and developing Egypt’s private sector, as they injected total investments of about $11 billion since 2020.

For his part, ElKhatib said his ministry will be ready to provide the necessary support to this investment alliance and any other local or foreign investor aiming to invest in Egypt.

On Monday, Prime Minister Mostafa Madbouly announced that Egypt's International Finance Cooperation (IFC) investment portfolio has exceeded $2 billion in various sectors.

Egypt targets $2-$2.5 billion from the Initial Public Offering (IPO) programme for state-owned companies throughout FY2024/2025.

The IPO programme, launched in February 2023 under the State Ownership Policy Document, initially aimed to offer 35 governmental companies to investors to generate $5 billion in revenue.