Egy Lease in talks to receive EGP1bln from banks

Egy Lease, the leasing arm of Industrial Development & Workers Bank of Egypt,  has started negotiations with number of banks to receive credit facilities of 1 billion Egyptian pounds,  according to its chairman Iman Ismail.

Ismail told Amwal Al Ghad that company is planning to increase the credited facilities provided by Banque Misr from 800 million pounds to 1.2 billion pounds.

She added that the company is talks with Ahli United Bank Kuwait and The United Bank of Egypt to obtain facilities worth up to 300 million pounds from each bank.

Egy Lease, lunched by Industrial Development & Workers Bank of Egypt back in  July 2018, has a paid capital amounting to 175 million pounds of which 99.9% stake goes to IDWB, and the remainder to Workers Fund.

The company total portfolio has been increased to  1.300 billion pounds by the end of June 2019, said Ismail,  up from 900 million pounds.

The company’s  leasing contracts recorded  17.5 billion pounds  between  January  and April 2020, compared to  16.154 billion pound a year earlier, with an increase of 8.7 percent.

The total number of  leasing contracts in the Egyptian market reached 820 contracts by the end of April 2020, compared to 1005 contracts at the end of April 2019 according to the Financial  Regulatory Authority.