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Financial leasing companies direct EGP 2.4bn into market end-April - Daily News Egypt

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Financial leasing companies direct EGP 2.4bn into market end-April

Mortgage finance companies offered loans worth EGP 392.7m during April 2019


Financial leasing companies directed EGP 2.4bn into the market at the end of April 2019, compared to EGP 2.3bn in April 2018, an increase of EGP 52m, according to the Financial Regulatory Authority’s (FRA) report.

The report said that the total number of contracts which have been signed by the end of April reached 250 contracts compared to 149 in the same month a year earlier.

“Real estate and the land sector accounted for the largest share of financial leasing contracts worth EGP 1.4bn at the end of April 2019, compared to EGP1.5bn by the end of April 2018. Meanwhile, equipment and heavy machines came in the second place with a value of EGP 250m, followed by transport vehicles with a value of EGP 223.8m,” the report read.

Additionally, mortgage finance companies offered loans of EGP 392.7m during April 2019, compared to EGP 127m in April last year, with an increase of 208%, the report stated.

The total value of mortgage refinancing amounted to about EGP 160m during April 2019, compared to EGP 299m in April 2018, and the number of contracts reached 1,036 against 555 contracts.

Regarding the microfinance loans, the FRA report showed that the number of beneficiaries of microfinance loans dropped from 150,000 to 73,000 clients during the first quarter (Q1) of 2019.

In Q1 of 2018, the percentage of males with regard to financing assets increased from 49.7% to 58.2% in Q1 of 2019, with a value of EGP 643m compared to EGP 681m in the same period last year.

Females account for 41.8% of the funds during Q1 of 2019 with a total financing value of EGP 461m, compared to 50.3% in the same period last year.

The number of institutions operating in the field of microfinance companies, associations, and civil society organisations reached 2,087 at the end of Q1 of 2019, compared to 1,721 organisations at the end of Q1 of 2018.

https://dailynewsegypt.com/2019/06/10/financial-leasing-companies-direct-egp-2-4bn-into-market-end-april/
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