Egypt’s IDWBE bank launches subsidiary to provide leasing services

Egypt’s Industrial Development and Workers Bank (IDWBE) said Tuesday it had launched a wholly-owned subsidiary, Tanmeyah Leasing.

The subsidiary will provide leasing services to the industrial sector and small and medium enterprises across Egypt, IDWBE’s chairman Maged Fahmy told Amwal Al Ghad on Tuesday.

The bank has committed 175 million Egyptian pounds ($9.7 million) for the subsidiary, Fahmy said.

The shareholders’ structure in IDWBE is 84.4 percent for Egyptian Ministry of Finance, 3.3 percent for public sector, and 12.3 percent for private sector.