ELA proposes establishing an Egyptian state leasing firm

The non-profit Egyptian Leasing Association (ELA) calls for a government support to establish a holding company for leasing, the association chairman said Tuesday.

During the third conference of the Partnership for Development Initiative entitled “Leasing: A Catalyst promoting national projects and SMEs”, ELA chairman Shahinaz Abdellatif said the suggested holding leasing company would work to secure finances for the country’s giant national projects.

Abdellatif referred to several countries that had successively founded a state firm for leasing such as Kuwait, namely the International Leasing & Investment Co. (ILIC), and Malaysia which also incorporated a national firm for leasing to diversify its funding mechanisms.

The Egyptian Leasing Association (ELA) (under establishment) is a not-for-profit, member-driven professional association that was established in 2011 primarily to promote the leasing business in Egypt.

Under the auspices of a number of ministries and competent organisations, including the Egyptian Financial Supervisory Authority (EFSA), One of Egypt’s biggest institutional initiatives, Partnership for Development launched in Cairo Tuesday its third conference entitled “Leasing: A Catalyst promoting national projects and SMEs”.

The event aims to tackle the leasing sector’s importance as one of the most effective and capable funding mechanisms that would fulfill the financial needs of all the projects in Egypt, whether for corporate or SMEs.