A Non-Bank Institution Has Landed USD 22 Mn From The AfDB To Lend More Hand To Egyptian SMEs

By  |  January 29, 2020

The African Development Bank (AfDB) has nodded for a USD 22 Mn senior loan to be given to Egypt’s Coporate Leasing Company (Corplease).

The fund will enable the company to expand in the North African country, where there is a growing local market contributing significantly to one of the continent’s best economies.

A state from the bank says that USD 7 Mn of the loan will be mobilized from the Africa Growing Together Fund (AGTF) – a co-financing fund established with the People’s Bank of China.

Corplease, which provides a diversity of leasing products and services to SMEs and larger corporates, will use the funds to support small-scale businesses operating in Egypt.

The USD 22 Mn is well channeled, judging from Corplease’s track record of providing alternative financing in the form of leases, ultimately addressing the financial issues troubling Egypt’s private sector.

Cross-Border Money Transfer In Africa: Is Bitcoin The Golden Silver Bullet?


According to Stefan, Nalletamby, Acting VP for for the Private Sector, Infrastructure and Industrialization Complex at AfDB, the need for leasing products in Egypt grows consistently on an annual basis, meeting demand by SMEs for alternative sources of funding from conventional banks.

“With the annual demand growth expected from the local corporates, the market for leasing in Egypt shows immense potential for investors,” he said.

The USD 22 Mn loan falls in the line of AfDB’s efforts to support financial institutions and deepen the African financial system.

With 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.

Priority is being placed on the SMEs operating in the agribusiness, toursim, ICT, cleantech, health, transport and manufacturing sectors.

The loan shares a bigger picture with Egypt’s vision 2030 – which calls out for inclusive development – and creates room for its private sector to partake in sustainable development.

Image Courtesy: Intrepid Travel

Journalism is broken in Africa

Help us build a narrative on African Business, Startups, Tech and Economy
Join us today to empower great story telling, one story at a time

Monthly Membership


(billed monthly)

Access To 1 Month WT Membership

Access To Premium Newsletters For 1 Month

1 Month Access To WT's Content Archive

Access To WT's Conferences & Events

Access To All WT's Research Reports On Africa

Access To Podcasts, Video Content & Recordings

Subscribe Now

Annual Membership


(billed annually)

Access To 12-Month WT Membership

Access To WT's Conferences & Events

Access To All WT's Research Reports On Africa

Access To Podcasts, Video Content & Recordings

Access To All Premium Newsletters

Unlimited Access To WT's Content Archive

Subscribe Now

If you are a Corporate or a Student, please reach out to us for subscription at [email protected]