Metropolitan Egypt for consultancy has succeeded in providing financing worth EGP 260m to 16 companies over the past three months. The company collaborated with a number of banks and leasing companies operating in the domestic market, according to the CEO of the company Khaled Nagaty.
The 16 companies operate in different economic activities, such as construction, pharmaceuticals, paper, tourism and entertainment, media, and agriculture.
Metropolitan Egypt has its headquarters in Cairo and one more branch in Alexandria. The company’s board of directors approved the opening of a new branch in Assiut by the year’s end to serve its customers in Upper Egypt, Nagaty said in a press conference on Sunday.
According to Nagaty, four new branches are expected to be opened during 2017, one of which will be in Tanta to serve customers in the Delta.
The board of directors also approved for the company to register in the Nile stock exchange for small- and medium-sized enterprises (SMEs), in preparation for increasing the company’s capital. The company will focus on serving SMEs next year, according to its new definition approved by the Central Bank of Egypt in December 2015.
According to Yasser Kamal, credit supervisor at Metropolitan Egypt, the company’s business revolves around helping customers prepare their credit file to present it to banks in order to obtain the required financing as fast as possible. The company also reviews all contracts to be signed with banks, in return for a limited commission agreed upon with the customer.
The company deals with a number of banks and leasing companies operating in the local market to provide the necessary funding for its customers, Kamal said. These include the National Bank of Egypt, Banque Misr, Banque du Caire, the Arab Investment Bank, the Egyptian Gulf Bank, the National Bank of Kuwait, and leasing companies, such as Incolease, Nile, Elsaeed, Plus Leasing, and Global.