Cairo – Mubasher: Pharos Holding for Financial Investments is aiming deals worth EGP 7.5 billion ($423.5 million) within the next 18 months, CEO Elwy Taymour told Reuters.
The Egyptian firm is seeking to move into the non-banking sectors by 2018, including insurance, real estate financing, and financial leasing and factoring, Taymour highlighted.
“We got two licences in financial leasing and microfinance from the Financial Supervisory Authority in February and we have already established two companies, but we haven’t started the operation yet,” he continued.
He noted that microfinance activities will start in 2018, as it will play a significant role in Pharos Holding’s growth.
“We have been authorised as a financial adviser in about 17 financial deals and we have already signed contracts to provide financial advice,” he added.
The CEO referred that Pharos Holding is currently not seeking to obtain financial funds and portfolios from local banks, but it is aiming to attract foreign exchange to be invested in Egypt.
