Egy Lease signs leasing contracts of EGP300mln in H1 2019

Egy Lease, the leasing arm of Industrial Development & Workers Bank of Egypt, has signed leasing contracts of 300 million Egyptian pounds ($18.100 million) during the first half of 2019, its chairman Iman Ismail said.

Ismail told Amwal Al Ghad that the company’s total leasing portfolio recorded 700 million pounds since its inception up untill June 2019.

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 has received credit facilities of 400 million Egyptian pounds from Banque Misr and Egyptian Arab Land Bank.  In addition, the total credit facilities from banks accounted to 650 million pounds.