NBE leasing arm receives EGP1bln loans from 5 banks

Al Ahly Leasing Company has received total loans of one billion Egyptian pounds from five banks, its CEO Tarek Selim said.

He  made these comments on the side line of   the Non-banking financing tools fourth conference started in Cairo on Tuesday shedding the light on the Innovative financial tools as a new vision to support investments

The conference was inaugurated by the Financial Regulatory Authority’s Chairman Mohamed Omran and attended by those who are working field of non-traditional financing tools, experts in the non-banking financial sector and leaders of the business sector.

Selim added that his company has directed these loans to the real estate sector.

He pointed out that the company is currently considering entering into a syndicated loan agreement with two companies worth 300 million pounds in the construction and real estate sectors

Al Ahly Leasing Company (ALC) is a fully owned subsidiary of the National Bank of Egypt (NBE) and is its leasing arm. Operational since June 2012, ALC is dedicated to providing flexible lease financing solutions to companies for all types of assets required to help develop and expand their businesses.

The Partnership for Development Initiative is the first of its kind in Egypt aiming to bolster a sustainable partnership between the private sector, the state, the civil society, and mass media.  This initiative holds a number of conferences and workshops annually to devise a position paper that plays a prominent role in identifying the government’s policies related to economy, legislation, laws, and measures to reform business climate in Egypt. It aims to reach a strategic vision for the shape of partnership between the government and the private sector in order to achieve comprehensive development goals.

The Partnership for Development Initiative held its first series of conferences on April 19th, 2015; it aimed to reveal the details of the Egyptian Economic Development Conference’s real estate agreements.