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Global Lease borrows EGP 200m from EALB to finance leasing - Daily News Egypt

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Global Lease borrows EGP 200m from EALB to finance leasing

Company in process of signing EGP 25m loan with Saudi Financing Fund


Global Leasing has signed an EGP 200m financing contract with the Egyptian Arab Land Bank (EALB) to finance financial leasing contracts.

 

CEO and Managing Director of the company, Hatem Samir, told Daily News Egypt that the financing contract signed with the bank will contribute to the completion of more financial leasing operations for the company. It will also introduce a new segment of customers, noting that the repayment period extends from five to seven years on instalments.

 

He added that Global Leasing has started to use the loan and aims to achieve further expansion in the market during the coming period.

 

Moreover, a number of protocols have been signed with several banks such as, the Attijariwafa Bank and the United Bank.

 

Samir explained that Global Leasing is in the process of signing contracts with the Saudi Finance Fund to borrow EGP 25m at a low interest rate to finance small and medium-sized enterprises (SMEs).

 

He said that the company has entered into 33 contracts to finance projects worth of EGP 300m during the first quarter of this year and aims to increase its customers during the next period.

 

The company’s portfolio consists of 30 activities including real estate investment; construction; food and beverage; new and renewable energy; feed and poultry; petroleum services; printing, paper and cardboard; transport services, and communications and information technology.

 

The company is keen to maintain the diversity of the portfolio in terms of activities and percentages of concentration allowed in each activity according to the approved credit policy of the company, according to Samir.

 

He referred to negotiations with the Dutch development organisation (FMO) to fund projects in specific sectors worth $10m. Discussions are still being held on the conditions for the use of funds and other details on the agreement.

 

Furthermore, he said that Global Leasing had agreed with the Green for Growth Fund (GGF) to promote the financing of renewable energy projects and to introduce new products in the leasing of Egyptian specialised projects in this regard.

 

Global Leasing is one of the fastest growing companies since its establishment in 2015 in the field of financial leasing. Its shareholders structure is currently comprised of Goldman Egypt, a subsidiary of the Izdihar Fund (60%), the Sanad SMEs fund of the German Development Bank KfW (30%), and the remaining10% share for the CEO and managing director of the company.

 

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https://dailyfeed.dailynewsegypt.com/2019/06/12/global-lease-borrows-egp-200m-from-ealb-to-finance-leasing/
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