ArabFinance: BM Lease intends to provide different sectors with EGP 2 billion in financing during the first quarter of 2021, CEO Hisham Sheta told Al Mal News on January 17th.
BM Lease managed to allocate EGP 8 billion in funding and obtain credit facilities at the same value in 2020, according to the official.
Small and medium-sized enterprises (SMEs) acquire the majority of BM Leases finance portfolio at 36%, while the remaining is distributed on megaprojects. Mortgage finance and contracting follows SMEs with 35% of the portfolio, Sheta elaborated.
The company, which is the National Bank of Egypts non-banking financial services (NBFS) arm, plans to expand into factoring after it launched the service in the second quarter of 2020, he added.
BM Leases factoring service has registered positive results, as it reached good rates of the EGP 400 million target financing value, Sheta noted.
He pinpointed that expanding in NBFS like mortgage finance, microfinance, and consumer finance is expected to begin by 2023.
The Financial Regulatory Authority revealed that microfinance portfolio totaled EGP 18.2 billion by the end of November 2020, of which 3.2 million enterprises have benefited.
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