IFC’s total funding for leasing sector worth $1.4 billion in 58 countries

The World Bank Group’s International Finance Corporation (IFC) has secured around $1.4 billion finances for the development of financial leasing in 58 countries around the world, an official in the IFC said Tuesday.

Speaking at the second annual leasing conference in Cairo, Ola Nour – Operations Officer at IFC – said the corporation offers technical support services for both the lessor and lessee in almost 44 countries worldwide in addition to finances earmarked for leasing firms.

Egyptian government has to give more support for the country’s financial leasing activity by improving the current legislations and increasing the awareness about this financial tool, Nour added.

By developing additional financial tools such as leasing or mortgages, countries are able to deepen the activities of their financial sector by introducing new products and/or industry players.

The Second Annual Leasing Conference kicked off Tuesday, as part of Egypt’s Partnership for Development Initiative that aims to highlight the role of financial tools in supporting national mega and small and medium-sized projects.