Property and land leasing represent 73% of leasing contracts, with costs of EGP 8 billion, said Sherif Samy, Head of the Egyptian Financial Supervisory Authority, according to Amwal Al Ghad.
Finance leasing activity in Egypt rose by 12% in Q1 of 2016 recording EGP 11 billion, Samy said in a press statement, as reported by Al-Ahram.
The lease contracts enable businesses to rent equipment or assets from a leasing company, rather than purchasing them. A total of 222 leasing companies are registered with EFSA for 2016, up from 219 last year.
The total number of leasing contracts was recorded at 1,239 for the first half of 2016, worth EGP 11 billion, compared to 1,367 contracts worth EGP 9.88 billion last year.