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LE 300 m leasing contracts concluded on 1st day of Egypt's launch of movable guarantees registry

Leasing contracts valued LE 300 million were concluded on the first day of Egypt's launch of movable guarantees registry, Chairman of the Egyptian Financial Regulatory Authority Mohamed Omran said on Monday.

Egypt officially launched on Sunday its first movable guarantees registry system to improve its ranking in Doing Business Report of the World Bank.

At a press conference on Sunday,  Investment and International Cooperation Minister Sahar Nasr said the move will help improving the investment climate in Egypt.

The minister said Egypt is moving ahead towards realizing financial inclusion in line with directives of President Abdel Fatah El Sisi.

This system facilitates the funding of small and medium sized enterprises (SMEs). It grants projects the chance to obtain financing by guaranteeing machinery and equipment, patents, and engineering designs, she expounded.

She said the ministry has entitled the Financial Regulatory Authority to prepare an all-out strategy for realizing financial inclusion in all non-banking financial activities. 

The strategy is expected to be finalized soon, she said.

 

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