By: Eslam Fadl
Cairo – Mubasher: Egyptian Arab Land Bank’s (EALB) US dollar proceeds reached $400 billion in 16 months, including $200 million in the first quarter of 2019, the bank’s deputy chairman said.
The bank allocated these proceeds in the period starting from October 2017 under the management of the new board of directors, Amr Gad Allah told Mubasher on Tuesday.
Gad Allah stressed that the bank seeks to raise the US proceeds over the coming period as it helps in meeting the market’s needs, as well as help the bank enter foreign-currency loans.
EALB has postponed the establishment of a financial leasing company in the meantime due to some of new laws, he indicated.
In July 2018, EALB announced it was looking to form a financial leasing firm with a capital averaging between EGP 50 million to EGP 100 million.
The bank had already submitted the required documents for setting up the financial leasing unit to the Central Bank of Egypt (CBE) for review and is anticipating the approval in the coming period.
Translated by: Mai Ezz El-Din
