Global Lease Company for financial leasing completed all the legal procedures to increase its paid-up capital from EGP 15m to EGP 50m, according to the company Chairman and CEO of Wadi Degla Holding Group Maged Helmy. Wadi Degla Holding and KfW Banking Group (German Development Bank) have covered and paid the increase in Global Lease's capital. He said Wadi Degla Holding and SANAD Fund affiliated to KfW are keen on offering complete support for Global Lease to expand its business in the sector of financial leasing in Egypt and achieve fast growth in the next few months. According to CEO and Managing Director of Global Lease Hatem Samir, the company seeks to increase its market share and the size of funds granted to the companies, and to achieve more expansions in the market throughout the next period. The company succeeded in creating a good portfolio of clients that have worthy credit in a short period of time. The documentary cycle of the company ranges between four and six weeks only if the documents are presented by the clients are complete. Samir expected the business of financial leasing to witness notable growth in the upcoming period, especially in the real-estate sector as demand on administrative real-estate has reappeared, amid the continuation of growth of commercial real-estate. He also said by starting executing large national projects, on top of which is the New Administrative Capital that will include numerous service buildings, it is possible to witness a significant increase in the operations of financial leasing. Global Lease for financial leasing is a subsidiary of Wadi Degla Holding Group. It was established in cooperation with SANAD Fund affiliated to KfW Banking Group. Wadi Degla owns 68% of Global Lease, while SANAD has 30%, and other shareholders hold 2%.END
