Cairo – Mubasher: Egypt’s finance lease activity grew in the first five months of 2017 by 9.3% to EGP 10.6 billion, compared to EGP 9.7 billion in the same period of 2016, Sherif Samy, the chairperson of the Egyptian Financial Supervisory Authority (EFSA), said in a statement on Tuesday.
The number of contracts for financial leasing decreased in the first five months of 2017 to 799 contracts from 1,052 contracts in the same period last year.
The value of contracts reached EGP 8.5 billion in the first four months of 2017, up 21% from EGP 7.1 billion in the same period of 2016.
The real estate and land transactions amounted to EGP 6.9 billion, representing 64% of the total financial lease contracts.
Trucks contracts amounted to EGP 931 million (9%), while machines and equipment contracts totalled EGP 732 billion (7%).
The number of lease companies registered with the EFSA increased by the end of May 2017 to 224 firms, compared to 222 firms by the end on May 2016.
