Cairo - Mubasher: The chairman of the Egyptian Financial Supervisory Authority (EFSA) said that financial leasing activity grew by 5% since the beginning of the year until the end of September, while factoring increased by 27%.

Financial leasing contracts reached EGP 14.9 billion in the first nine months of 2016, compared to EGP 14.2 billion in the same period in 2015, while the number of contracts declined from 1984 to 1783, Sherif Samy said in an official statement.

As for factoring deals it totalled EGP 3.8 billion in the nine-month period, compared to EGP 2.97 billion in the same period last year.

EFSA chairman Sherif Samy also said that real estate financing reached EGP 746 million during the same period compared to EGP 697 million, registering a growth rate of 7% year-on-year.