Cairo – Mubasher: Financial leasing companies in Egypt signed 2,944 contracts in 2019, compared to 2,361 contracts a year earlier, the Financial Regulatory Authority (FRA) said.

The value of contracts amounted to EGP 55.9 billion last year, up from EGP 41.5 billion in 2018, the FRA added in a statement on Tuesday.

Over the course of 2019, the factoring activity maintained the volume of factored securities at EGP 10.6 billion.

The FRA’s chairman Mohamed Omran announced the formation of a committee comprising representatives of the Central Bank of Egypt (CBE) as well as financial leasing and factoring companies to explore the possibility of the participation of the non-banking financial sector in the CBE’s initiative to support customers in default.