The board of the African Development Bank approved a $22 million Senior Loan to help Egypt’s Corporate Leasing Company (Corplease) expand its operations in the North African country. The Bank will mobilise $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 seeks to provide alternative financing through leases to address funding constraints in Egypt's private sector. With the annual demand growth expected from the local corporates, the market for leasing in Egypt shows immense potential for investors,” said Stefan Nalletamby, the acting vice-president for the private sector, infrastructure and industrialisation complex at the African Development Bank. Loan to support existing initiativesWith the newly-approved Corplease loan, the African Development Bank adds to its existing initiatives to support financial institutions and deepen financial systems on the continent.

Source: The North Africa Journal January 30, 2020 07:07 UTC