By: Eslam Fadl
Cairo – Mubasher: Global Lease is considering the signing of collaboration protocols worth a combined EGP 600 million with three banks, the company’s CEO and managing director said.
The company is also mulling the signing of up to EGP 600 million loans with other three lenders, Hatim Sameer told Mubasher.
The Egypt-based company aims to fund small and medium-sized enterprises (SMEs) in the coming period through these protocols, Sameer added.
The CEO said that his company is weighing up collaboration with National Bank of Egypt (NBE), Industrial Development Bank of Egypt, and Banque Misr.
He unveiled that Global Lease seeks to obtain financing worth between EGP 150 million to EGP 200 million from each bank.
Signing the protocols aims at underpinning SMEs through raising their capitals and providing them with financial leasing services, he indicated.
The protocols will be implemented within the framework of the Central Bank of Egypt’s (CBE) SMEs financing initiative, Sameer noted.
He added that the company has recently signed a protocol with Attijariwafa Bank – Egypt to fund and support SMEs with financing that ranges between EGP 400 million to EGP 500 million this year.
The protocol is part of the sustainable vision of both parties for achieving further growth and expansions in the Egyptian market, as well as catering services to a wider segment of clients, Sameer pointed out.
Global Lease plans to invest around EGP 1 billion into SMEs in the next three years, including EGP 600 million investment this year, the CEO said.
Sameer said that the company has pumped around EGP 200 million into Egypt’s SMEs since January.
He also highlighted that the company has injected EGP 1.55 billion financings last year into several sectors, mainly Industry, real estate development, and food.
He revealed that the company is currently in talks with three banks to borrow EGP 100 million to EGP 200 million from each one to finance several economic sectors such as industry, trade, agriculture, services, and real estate.
The CEO further noted that Global Lease can borrow up to EGP 3 billion from 18 lenders.
In March 2018, Global Lease had launched a unit to manage real estate assets with an initial capital of EGP 200 million.
Sameer said that the company plans to launch a factoring arm this year with EGP 50 million in capital.
Translated by: Mai Ezz El-Din
