Global Lease to inject funds of 1 bln during 2018

Global Lease Company aims to pump funds 1 billion Egyptian pounds ($56 billion) during 2018, the company CEO Hatem Samir said.

the total value of facilities received by the company from the banks during the last period has reached 2 billion Egyptian pounds through 13 banks, he added.

The Company is negotiating with number of banks for funds worth 1 billion Egyptian pounds within 2018,  Samir noted.

He added that Global Lease Company seeks to increase its capital to 200 million compared  to current amount of 112.5 million pounds, referring that this step reflects the company keenness on expanding its activities.

The company’s  total portfolio has exceeded 1,6 billion Egyptian pound capturing market share of 4.9 percent with total funds of 1,193 billion by the end of November 2017, he noted.

The Egyptian conglomerate Wadi Degla Holding has launched its leasing arm, Global Lease, in cooperation with SANAD Fund, of Kfw Development Bank.

The new leasing company is with an authorised capital worth 500 million Egyptian pounds (US$63,8 million). Its paid-up capital is worth around 50 million pounds.

Global Lease had begun its activities in May 2015 as it signed around 14 contracts worth 50 million Egyptian Pounds and is currently studying financing around 50 clients with 130 million Egyptian pounds.

Moreover, Wadi Degla’s share in the new leasing company is 68 percent; while SANAD’s share accounts for 30 percent.