Egypt African Development Bank approves $22 million to expand leasing financing to corporates and SMEs

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

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.