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Banque Misr Grants Finlease an EGP 200 Million Loan for Financing Lease Contracts
16/04/2021

Banque Misr recently granted the Egyptian Company for Leasing (Finlease) a mid-term loan valued EGP 200 million, for financing leasing contracts with the company’s tenants, for tenures ranging from 3 to 7 years. This is for the purpose of supporting the company’s expansion plans – being a recent entrant to the leasing market.

The loan granted to Finlease comes as another successful endeavor partaken in by Banque Misr in the area of corporate credit and syndicated loans, while asserting its exceptional performance and robust financial results. It also reflects the extensive marketing plans adopted by the Bank towards attracting new finance customers and operations; and its commitment to fulfilling strategic and developmental objectives involving the support of the national economy in all sectors. These include crucial economic sectors such as oil, chemicals and petrochemicals, telecommunication, renewable energy, steel and real estate; which provide numerous employment opportunities – whether directly or indirectly – through industries and associated activities. Leasing also constitutes a priority for Banque Misr, in spite of it being a non-banking financing activity. This is especially following the amendment of the leasing law by the Financial Regulation Authority and the expansion by the banking sector into establishing companies engaged in leasing activities.

Mr. Akef El Maghraby – Vice Chairman of the Board of Banque Misr – reiterated that the Bank’s granting of this loan further enhances an already robust relationship between the Bank and Finlease and constitutes a successful endeavor despite the current situation witnessed by financial markets, which poses a challenge to private companies. It also reflects Banque Misr’s aptitude in arranging and managing such credit facilities.

On his part, Mr. Mohamad Hassaan – Managing Director and Chief Executive Officer of Finlease – expressed his appreciation for the completion of this deal and his gratitude for the Bank’s cooperation with the company, which highlights the quality of its financial performance.

Worth noting is that Banque Misr is considered one of the major and pioneering national banks in financing various projects in all sectors. During the period from 1/7/2019 to 30/6/2020, the Bank was able to successfully complete the arrangement, financing and participation in 9 operations, totaling EGP 81.33 billion in various sectors including real estate investment, contracting, petroleum and gas, construction materials and financial services. The Bank’s guarantee coverage for said operations amounted to approximately EGP 32 billion. This is in addition to the arrangement, financing and participation in Sharia-compliant financing transactions valued EGP 6.2 billion in the areas of contracting, oil and gas. The Bank’s guarantee coverage for said operations amounted to approximately EGP 1.6 billion.

Banque Misr – a leading banking institution – consistently partakes in initiatives and protocols that fulfil customer needs, since customer satisfaction is considered essential to the Bank’s operations, with customers being mainstays in the Bank’s success. The Bank’s values and strategy also reflect a constant commitment to achieving sustainable development and prosperity for Egypt.