Leasing activities of have registered EGP 9.9bn in the first six months of 2015, with 200% growth compared to EGP 7bn in total in 2014, said head of the Egyptian Financial Supervisory Authority (EFSA) Sherif Sami.
On the sidelines of the launching ceremony of the joint venture between Wadi Degla group and KFW’s Sanad Fund, Global Lease, Sami expressed his optimism on the launch, expecting growth in the leasing sector through the non-banking financial sector.
Sami added that such ventures will help fund small and medium enterprises (SMEs), which are struggling to access funds, adding that it encourages financial inclusion.
In the same regard, Chairman of the Sanad Fund, Wolfgang Reuss, said that the SMEs sector is “neglected and underserved” in Egypt from financial institutions, pointing out that KFE is directing €30bn annually to small and medium sized businesses.
CEO of Wadi Degla Holding Maged Helmy also noted that 40% of Global Lease’s finance will be directed to the SMEs sector, while the remaining 60% will be for corporations.
Helmy added that Global Lease’s portfolio will register EGP 250m by the end of 2015, expecting the figure to double in 2016.