Egyptian Arab Land Bank to up funding into nonbanking financial firms

The state-owned Egyptian Arab Land Bank (EALB) intends to increase its finances to nonbanking financial firms to 2.5 billion Egyptian pounds, its  Vice Chairman Amr Gadallah said.

He told Amwal Al Ghad that the bank has injected 1.5 billion Egyptian pounds into the non banking sector  with an aim to pump new finances of one billion pounds.

The bank has recently provided 200 million Egyptian pounds to Altawfeek Leasing Company and another 200 million pounds to  EgyLease.

The bank achieves a pre-tax profit of 500 million pounds during the year with an aim to reach 850 million pounds by the end of June 2020.