By: Mostafa Adel

Cairo – Mubasher: Egypt's Ministry of the Public Business Sector is planning to expand in the utilisation of non-banking financing tools to develop the sector’s companies during 2017, minister Ashraf Al Sharqawy stated.

Speaking at the Capital Market and Economic Reform Financing conference on Tuesday, the public business sector minister revealed that a financial leasing company has been launched, supported by subsidiaries of the Holding Company for Construction and Development (HCCD).

Several companies are using non-banking financing mechanisms as seen in the capital hike of the Egyptian Iron and Steel Company, which was done through issuing additional shares, the minister said, indicating that Heliopolis Housing and Development Co’s stock split falls under the same category.

A securitisation process was also supposed to take place for several housing companies’ receivables; however, the process was delayed due to high costs, Al Sharqawy added.

Translated by: Mohamed Nabil