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African Development Bank approves $22m to Egypt

African Development Bank (AfDB) approved a $22 million Senior Loan to help corporate leasing company (Corplease) expand its lending to SMEs in Egypt.

The decision signalled confidence in the growing local market and in Egypt’s economy as a whole.
Out of the $22 million, African Development Bank will mobilize $7 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 SMEs and larger corporates, through sale, direct leasing and leaseback, as well as structured finance products. to address funding constraints in the private sector in Egypt, corp lease seeks to provide alternative financing through leases.

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“The need for leasing products in Egypt is growing consistently on an annual basis to meet the acute demand by small, medium and …