- Dr. Omran: Banking and non-banking financing institutions are leading the way in registering rights backed by movable assets
- Dr. Omran: Shop fundamentals (physical or moral) occupy the top of the guarantees with a value of up to 264 billion pounds
- Dr. Omran: Registration of a state of intellectual property rights with a guarantee of 2 million pounds
Dr. Mohammed Omran- FRA’s Chairman revealed that the value of movable assets that are registered in the electronic registry reach 300 billion pounds after three months from launching the movable guarantees electronic registry and completing the period set for registering movable guarantees in the electronic registry pursuant to the provisions of movable guarantees law yesterday .
FRA’s Chairman added that the second quarter of 2018 witnessed the beginning of reaping the benefits of achieving the main objective from the issuance of movable guarantees law no. 115 of 2015 – that law which establish an effective system to provide financing without transfer of possession. Also, the said law extends the scope of movables that may be provided as collateral to obtain financing , this includes material movables which are amounted to about 3839 cases of publicity for material movable including machinery, equipment, cars, goods, heavy equipment, fixed installations and immovable by destination with values amounting to 15.4 billion pounds . In addition to 1938 cases of publicizing shop fundamentals (physical or moral) with a value of 264.5 billion pounds. In addition to 18 publicities of components within the production of a commodity (such as production lines at a factory or a company) with a guarantee value of 63.3 million pounds. It is noteworthy that one case of intellectual property rights (as immaterial movables) was registered at a value of 2 million pounds.
Movable guarantees of the financial leasing contracts were registered in the electronic register with a number of 563publicities worth up to 5 billion pounds
Dr. Omran explained that the previous period proved the importance and effectiveness of the electronic “movable guarantees ” registry in using collaterals as a mechanism for obtaining financing for projects through exploiting the equipment, machines, and moral assets to become a milestone and a qualitative leap in merging the informal economy with the national economy and encouraging its continuity and growth through improving the liquidity by offering movable assets for the purpose of obtaining financing through the electronic declaration of guarantees and facilitating the decision to grant financing faster and in a convenient manner.
FRA’s Chairman affirmed that the movable guarantees registry will contribute significantly to improve Egypt’s ranking in the Doing Business report issued by the World Bank.
The number of publicities since 11 March 2018 until yesterday is 7670, where the publicities that were carried out before applying movable guarantees law represent 26% from the whole number of publicities.
It is worth mentioning that banks publicized 7070 rights with a total value of 279 billion pounds, followed by financial leasing companies with 563 shares with values of 4.9 billion pounds and 37 publicities for micro-finance entities with values of 58 million pounds.
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