Egy Lease in talks to receive EGP600 mln 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 600 million Egyptian pounds, according to its chairman Iman Ismail.

Ismail told Amwal Al Ghad that company has recieved credited facilities from Banque Misr amounting to 400 million pounds.

She added that the company is aiming to provide finances up to 900 million pounds during 2021 to increase its total portfolio to 1.7 billion pounds.

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’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.

However, The total number of leasing contracts in Egypt decreased by 17.1 percent to register 2014 contracts by the end of October 2020, compared to 2,430 contracts at the end of October 2019.