Global Lease in talks over $102m loan with 8 Banks

The newly-launched Global Lease Company is negotiating with eight banks for funds worth 800 million Egyptian pounds (US$102.1 million), company’s Cheif Financial Officer Suhail Rashwan said Sunday.

Rashwan told Amwal Al Ghad that the eight banks are: The National Bank of Egypt (NBE), Alex Bank, Qatar National Bank (QNB), Ahli United Bank, Crédit Agricole, Arab African International Bank (AAIB) and SAIB (Société Arabe Internationale de Banque).

Global Lease has agreed with SAIB to get loan worth 100 million Egyptian pounds, the official stated, adding that the company is currently in talks with AAIB over loan estimated at 300 million Egyptian pounds. The company is currently negotiating with the other banks on the rest sum of the loan.

Rashwan asserted that Global Lease targets entering securitization field by 2017 after building up new portfolio to be used as financing tool beside the currently available tools.

Global Lease targets achieving funding portfolio estimated at EGP250 million at the end of 2015 and to double it to be EGP500 million at minimum in 2016, Officer Rashwan said.

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

The new leasing company is with an authorised capital worth 500 million Egyptian pounds (US$63,8 million). Its paid-up capital is worth around 50 million pounds.

Global Lease had begun its activities in May 2015 as it signed around 14 contracts worth 50 million Egyptian Pounds and is currently studying financing around 50 clients with 130 million Egyptian pounds.

Moreover, Wadi Degla’s share in the new leasing company is 68 percent; while SANAD’s share accounts for 30 percent.