Egy Lease to provide finances of EGP1bln during 2020

Egy Lease, the leasing arm of Industrial Development & Workers Bank of Egypt, seeks signing leasing contracts of one billion Egyptian pounds ($63,177 million) during 2020, its chairman Iman Ismail said.

Ismail told Amwal Al Ghad that the finances will be distributed over various sectors including contracting, real estate, industrial sectors and vehicles.

Ismail added that the company’s total volume of finances reached  753 million Egyptian pounds since its inception in 2017. Egy Lease aims at reaching at total portfolio of one billion Egyptian pounds during 2021.

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.

Financial leasing contracts in the Egyptian market recorded 48.1 billion pounds during the period from January to November 2019, compared to 34.5 billion pounds during the same period in 2018 with an increase of 39.3 percent.