Egy Lease secures fund of EGP100mln from Emirates NBD

Egy Lease, the leasing arm of Industrial Development & Workers Bank of Egypt, has secured a fund of 100 million Egyptian pounds from Emirates NBD according to its chairman Iman Ismail.

Ismail told Amwal Al Ghad that the company is negotiating with other banks to funds, noting that it has already signed deals of  800 million pounds.

In addition, Egy Lease has signed leasing contracts of 400 million pounds during 2018, seeking to double its funds during the upcoming period.

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 leasing  portfolio has reached  34.5 billion pounds by the end of November 2018, said Ismail, compared to 23.9 billion pounds in the same period a year earlier.