Vice President of Banque Misr Akef El Maghraby estimated the size of Misr Financial Leasing’s business, founded by the bank in May, at EGP 400m.
El Maghraby told Daily News Egypt that the shareholders raised the capital from EGP 50m to EGP 100m recently.
Banque Misr established a financial leasing company in May with capital worth EGP 50m.
Misr Financial Leasing is 41% owned by Banque Misr, 10% owned by Misr Financial, 39% by Tahya Misr Fund, and 10% by Misr Holding Insurance Company.
El Maghraby pointed out that Banque Misr opened a credit facility for the company, worth EGP 500m, but it has not been tapped yet.
He also said that the bank is working on the provision of syndicated loans worth EGP 31bn in the fields of education, transportation, real estate investment, and telecommunications.
On Friday, Banque Misr signed an agreement with the European Bank for Reconstruction and Development (EBRD), through which the bank will borrow €250m to support and finance small and medium enterprises.