Egypt’s Altawfeek Leasing Company has signed a credit facility agreement worth 400 million Egyptian pounds with Arab African International Bank last month.
The new credit facilities will be loaned to its leasing finance customers.
A source with Knowledge told Amwal Al Ghad that the company has paid number of tranches of the fund during the past days, the rest of tranches will be disbursed as payments during the current and the next year.
The source added that the company has signed agreements with banks worth 3 billion pounds, making use of 1.7 billion pounds only.
The company obtained several credit facilities in recent years, including 400 million pounds from the National Bank of Egypt and 150 million pounds from The United Bank and 250 million pounds from the Suez Canal Bank, in addition to 90 million pounds from Misr Iran Development Bank.