ICEC

HDB approves EGP400 mln funds to HD Leasing

Housing and Development Bank (HDBK) has agreed to pump 400 million Egyptian pounds funds for HD Leasing, chairman Fatehy El Sebaey said.

The funds will be directed to the clients of the leasing sector, he added.

He said that HD Leasing is one of HDBK’s investment arms, adding that the company has increased its capital from 5 million pounds to 100 million pounds during the current period.

The value of leasing activity contracts has increased to 7.5 billion pounds during January-March 2018 compared to 5.6 billion pounds during the corresponding period last year with an increase of 34.6%.

The number of leasing companies registered in Financial Supervisory Authority  has seen a rise during the period from January-March 2018 to record 226 companies compared to 224 companies during the same period last year.

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