EALB plans to pump EGP700mln Joint financing in two companies

Big 5

State-run Egyptian Arab Land Bank (EALB) is planning to pump 700 million Egyptian pounds into joint funding  being currently promoted in favour of two companies in natural gas and real estate development sectors.

Amr  Gadallah, the bank’s Vice Chairman told Amwal Al Ghad that the new finances are divided into 350 Egyptian pounds for each company.

He added that the corporate credit portfolio grew from 3.7 billion pounds in October 2017 to 11.1 billion pounds by the end of April.

On the other hand, the bank has secured an amount of 300 million Egyptian pounds ($17.4 million) in funding for the real estate developers in Almostakbal City up until the present.

The bank has injected finances of 2 billion Egyptian pounds in 15 companies of the leasing and factoring sectors.