Egy Lease in talks with three banks for 150 mln pounds funding

Egy Lease is in talks with other three banks, Banque Du Caire, Emirates NBD, and the Arab Investment Bank, to obtain 150 million Egyptian pounds ($8.5 million) funding, chairman of Egy Lease Iman Ismail told Amwal Al Ghad.

The comopany has signed last month a funding agreement of 50 million Egyptian pounds from the National Bank of Egypt.

Egy Lease, unleashed by Industrial Development & Workers Bank of Egypt back in last July, has a paid capital amounting to EGP175mln of which 99.9% stake goes to IDWB, and the remainder to Workers Fund.

The company’s portfolio has reached 140 million pounds, said Ismail,  predicting it would get a big boost in 2018 and to become a leading financial lease company in the upcoming period.