Egypt - Tamweely Microfinance has obtained the first licence for green microfinance, and has designed a package of green financing products that target projects compatible with the environment, especially in the agricultural field, as well as workshops and small factories that depend on electricity.
Ahmed Khorshid, CEO and Managing Director of Tamweely, said that the new licence mainly focuses on financing solar power projects that feed industrial and service activities, especially for agricultural workers, where the production of solar energy will be financed to help them dig agricultural wells instead of relying on diesel polluting the environment and higher costs.
The new financing product will be provided to owners of small workshops and factories to produce clean and low-cost solar energy to operate these workshops and factories, which will reduce the cost of production for these customers and enhance their competitiveness in the market.
Khorshid said that Tamweely launched the new product in the market in cooperation with Ezdaher Financial Advisory to enhance the company’s role in the microfinance industry in Egypt and keep pace with market and customer requirements.
He added that the step comes in response to the state’s directions to search for new alternatives to energy instead of fossil fuels, and its direction towards creating a clean and healthy environment through the increasing reliance on new energy sources such as sun and wind.
Khorshid revealed that there is a global trend to green the financing systems, whether banking or non-banking, especially with the deterioration of the global climate, which makes green finance a strategic option for countries and governments to avoid more environmental damage in the future, pointing to the rapid response of the Financial Regulatory Authority in licensing this financing product, believing in its importance and in line with the orientations of the Egyptian state, which will host the COP27 in Sharm El-Sheikh next November.
Tamweely Microfinance seeks to promote the state’s national projects that serve its goals and strategy in reclamation of desert lands and the transition to renewable energy sources instead of diesel and other fuels, and cooperation with a number of companies working in the construction of solar power plants and drilling wells in desert lands by financing their clients.
Saad Khaled, CEO of Ezdaher Financial Advisory, added that the alliance agreement with Tamweely aims to provide a package of new green financing products in the microenterprise sector, where the products are mainly directed to small farmers to support the plans of establishing solar power plants as a more economically and environmentally effective alternative compared to other high-cost alternatives and harmful emissions such as diesel and other fuels.
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