African Development Bank approves $22 million loan to Egypt’s Corporate Leasing Company – Corplease

82,089FansLike
2,966FollowersFollow
2,700SubscribersSubscribe
82,089FansLike
3,122FollowersFollow
2,700SubscribersSubscribe

Updated: March 7, 2021

The Board of the African Development Bank on Wednesday approved a $22 million Senior Loan to help Egypt’s Corporate Leasing Company (Corplease).

The bank said it was to expand the company’s operations in the North African country.

[read_more id="2" more="Read full article" less="Read less"]

The decision signaled confidence in a burgeoning local market and in the Egyptian economy as a whole.

The Bank will mobilize $7 million of the $22 million from the Africa Growing Together Fund (AGTF), a co-financing fund, established with the People’s Bank of China.

Corplease is a leading non-bank financial institution that provides diverse leasing products and services to a wide range of SMEs and larger corporates, through direct leasing, sale and lease back, as well as structured finance products. Corplease seeks to provide alternative financing through leases to address funding constraints in the private sector in Egypt.

“The need for leasing products in Egypt is growing consistently on an annual basis to meet the acute demand by small, medium and large sized corporates for alternative source of funding from traditional banking sources, for business expansion and job creation. With the annual demand growth expected from the local corporates, the market for leasing in Egypt shows immense potential for investors,” said Stefan Nalletamby, Acting Vice-President for the Private Sector, Infrastructure and Industrialization Complex at the African Development Bank.

With the newly-approved Corplease loan, the African Development Bank adds to its existing initiatives to support financial institutions and deepen financial systems on the continent. The loan will contribute to supporting SMEs operating in Egypt, especially in priority sectors such as agribusiness and food industries, tourism, ICT, clean energy, health, transport and manufacturing.

“The loan will contribute to supporting SMEs operating in Egypt, especially in priority sectors such as agribusiness and food industries, tourism, ICT, clean energy, health, transport and manufacturing – all essential contributors to inclusive and sustainable growth,” said Malinne Blomberg, African Development Bank Country Manager in Egypt.

The intervention is in line with the Bank’s High 5 strategic priorities, specifically “Feed Africa”, “Industrialize Africa” and “Improve the Quality of Life for the people of Africa”. The Bank’s support will have multiplier effects on industries related to the real sector and support job creation in these value chains.

It also aligns with Egypt’s vision 2030 and will complement the government’s efforts to support the productive capacity of local corporates, creating an enabling private sector environment and sustainable development.

[/read_more]

WhatsApp Image 2020 12 12 at 17.28.57
Today News Africahttps://todaynewsafrica.com
Today News Africa is a US-based international news organization focused on US-Africa policy and breaking news. Our goal is to provide truthful and exclusive stories to a diverse audience across North America and the African Continent. Subscribe to our news page at https://todaynewsafrica.com/ and Follow us on Twitter @todaynewsafrica

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Now

TRENDING

Nobel Peace Prize winning Prime Minister of Ethiopia Abiy Ahmed under fire for ethnic cleansing and human rights abuses

Ethiopian Prime Minister Abiy Ahmed was awarded the 2019 Nobel Peace Prize for “his efforts to achieve peace and international cooperation.” However, he has recently become the subject of intense scrutiny after multiple reports have found him responsible for leading violent ethnic cleansing in the Tigray Region.In the entire history of the Nobel Peace Prize, which has been around for well over a century, the...

Stay connected

[/read_more]

[read_more id="2" more="Read full article" less="Read less"]

error: Alert: Content is protected !!
Share
Tweet
Reddit
Pocket
Share
More