By Ahmed Allam

Cairo – Mubasher: EFG-Hermes Leasing, a subsidiary of EFG-Hermes, plans on doubling the market share by 10% in 2016, said Ahmed El-Kholy, the Group’s CEO.

The subsidiary also targets to enter into agreements worth EGP1-1.5 billion in the fiscal year 2016, the CEO stated, adding that the group made agreements worth EGP710 million in 2015.

In addition, around eight local banks are currently negotiated for EGP900 million bank loan, compared to EGP800 billion received from 5 banks in 2015, El-Kholy said.

Moreover, he pointed out to possible joint financing agreements at a value of EGP650 million with national financial leasing companies, linking this step with a targeted capital raise in 2017 so as to take advantage of the growing financial leasing market in Egypt.

EFG-Hermes Leasing targets to increase its capital to EGP125 million in 2017, from EGP100 million, El-Kholy said.

Earlier, Egypt’sEFSA chairman Sherif Samy said financial leasing agreements’ value rose in the first nine months of 2015 by 191% year-over-year to EGP14 billion from EGP4.9 billion. 

Translated by Ahmed El-Sayed Ali