Global Lease Company for Financial Leasing signed a financing contract worth EGP 200m with Banque Misr to finance of leasing contracts that will be finalised soon. Loan repayments will be in instalments over five to eight years.
The financing will help increase the company’s liquidity to expand with the activity and double its customer’s portfolio, chairman of Wadi Degla Developments and Global Lease Maged Hemly said.
The contract will also help the company to acquire new customers, where it has been considering several offers presented by major companies, according to the company Managing Director Hatem Samir.
Deputy Head of Credit Audit at Banque Misr Tarek Amin said the department is currently considering several proposals for financial leasing.
Amin said the bank puts several conditions for companies wishing to obtain financing for their leasing activity, including the structure of their shareholders, their expertise in the sector, and their possession of technical and administrative cadres and expertise to achieve breakthroughs in the market.
Global Lease had all requirements necessary for approval, which prompted the bank to sign a contract with it worth EGP 200m.
