Banque Misr’s leasing arm receives EGP1.5 bln from 8 banks in 2018

The leasing arm of Egypt’s second state lender Banque Misr, BM Lease has signed deals worth 1.5 billion Egyptian pounds with 8 banks to refund them to the leasing sector clients.

Its managing director Hisham Sheta  told Amwal Al Ghad the company has already received 500 million pounds of the funds to be used in implementing its plans during 2019.

The company seeks contracts of 1.2 billion pounds during 2019, however it has achieved total contracts of 1.3 pounds within 2018.

On the other hand, BM lease has received a fund of 25 million pounds from The Micro, Small and Medium Enterprises Development Agency (MSMEDA) so to refund it to leasing clients.

Founded in 2017, BM Lease’s shareholders also include Tahia Misr Holding for Financial Investments Company, Misr Capital Investment Company, and Misr Insurance Holding Company.

In addition, The company aims  at doubling its issued capital in the Egyptian capital from 100 million pounds to 200 billion pounds during 2019, adding factorisation activity to its services