Aggregated News From Investment Management Regulators

Mortgage finance witnessed an increase by 15% and great growth in Factoring during the first quarter of 2017

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• The value of financial leasing contracts was 6.6 billion EGP in the first quarter of 2017
• The value of new mortgage finance granted by the companies was 662 million EGP witnessing a growth by 118%
• The value of factoring was 18 billion EGP, recording a growth by 65%in the first quarter of 2017

Sherif Samy- EFSA’s Chairman announced that the value of financial leasing contracts was 6.6 billion pounds within the first quarter  of 2017 compared to the 5.7 billion EGP in the same period last year, representing an increase by 15%. The number of financial leasing contracts was reduced from 634 to 506 contracts.

Real estate activity was on the top of the list recording 4 billion pounds by 60% of the total activity, then comes manufacturing contract amounted to 819 million EGP by 12.5% , then  Truck Leasing and Financing with a value of 572 billion EGP by 9 % and in the fourth  place, Contracts of heavy equipments recording 565 billion pounds by 8.6% from the total activity.

It is worth mentioning that number of financial leasing companies listed at EFSA is 224 companies compared to 220 in the same period last year. This period witnessed activities performed by 22 financial leasing companies and it was same number last year.

Regarding factoring, the volume of Factored securities was1.8 billion pounds in within the first quarter of 2017 . During the same period last year the volume of factoring was 1.1 billion pounds with an increase by65%. Financing accounts of the seven licensed companies estimated by 4.1 billion pounds by the end of March  2017, representing an increase by 71% when compared to the same period last year.
 It is worth mentioning that factored securities are distributed as follows: 88% local factoring and12% export. By the end of March 2017, the number of companies benefited from factoring was 259 compared to 238 last year.

Sherif Samy revealed that the value of   Mortgage Finance granted by the companies was 662  million EGP compared to 303 million pounds during the same period of 2016, representing an increase by 118%. The total amount of mortgage granted by the companies until the end of March  2017 was estimated by 3.5 billion pounds representing an increase by 26%. The Egyptian Mortgage Refinance Company (EMRC) held operations amounted to 39 million pounds.  

The percentage of Investors whose income is more than 3500 pounds per month is estimated by 97% of the total number of beneficiaries within this period. Meanwhile, the category of residential units with space of 86 square meters is 91% of the total number of contracts. Whereas, the category of residential units with space of 66-86 square meters is 3.4 % of the total number of contracts compared to 5% for residential units with space of 66 square meters. It is worth mentioning that 88% of contracts were for residential purposes.

The portfolios purchased by clients from Real Estate Development Companies reached 66% of the total value of contracts within this period.

 it is worth mentioning that the number of real estate appraisers who were listed at EFSA was 194 by the end of March 2017 compared to 188 by the end of March 2016.

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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