Egypt’s Global Lease inks $77mn loans with four banks

Egyptian Global Lease Company signed loans estimated at 600 million Egyptian pounds (US$76.6 million) with four banks within the last period, a source with knowledge of the matter announced Sunday.

The source told Amwal Al Ghad that the four banks are: Ahli United Bank (200 million pounds), Banque Misr (200 million pounds), National Bank of Egypt (100 million pounds), and SAIB Bank (100 million pounds).

The source said that Global Lease ,the newly-launched firm, is currently negotiating with other banks over additional funds worth 200 million pounds.

The source clarified that those funds come among firm’s plan to expand in granting funds to satisfy clients’ needs triggered by the activity that leasing sector is witnessing in Egypt.

Global Lease aims at boosting its current finance portfolio – which is estimated at 200 million pounds- to 250 million pounds at the end of 2015, the source added.

On other side, Hatem Samir – firm’s CEO- previously stated that Global Lease targets doubling the volume of finance portfolio to 500 million pounds at the end of 2016.

Global Lease has made  a plan for the upcoming ten years to achieve 20-30 percent growth rate in its credit portfolio at the end of 2016 besides capturing market share estimated at 8-10 percent within the upcoming five years.

The Egyptian conglomerate Wadi Degla Holding has launched its leasing arm, Global Lease, in cooperation with SANAD Fund, of Kfw Development Bank.