United Leasing to increase funds to EGP 2bln in Q4

Big 5

United Leasing has pumped around 1.5 billion Egyptian pounds over the last first nine months of 2018, according to the managing director.

The company seeks to increase funds to 2 billion Egyptian pounds by the end of 2018 across various sectors, Maher Abu Seitet added.

He made these comments during the third annual leasing conference entitled “Leasing for Nation’s Development”.

The one-day conference takes place in Cairo, under the auspices of Egyptian market regulator head, Mohamed Omran along with executives of number of major banking and non-banking financial institutions.

He added that the company is dealing with six banks and is currently negotiating with three other banks to receive more funds.

Abu Seitet further noted that his company has participated in the Central Bank of Egypt’s SMEs initiative and funded seven clients as part of it.

The conference aims to maximise the role of financing alternatives, notably leasing, in pushing ahead with national, private-public-partnership, and SME projects in the country.