Ebtikar submits proposal to set up two consumer financing companies

Ebtikar wants to set up two consumer financing companies: B Investments’ Ebtikar has submitted documents to the General Authority for Investment to establish two consumer finance companies, according to the local press. No details were provided on the value of the companies. CEO Ayman El Desouki previously said that one of the companies would provide financing for cars and the other for consumer goods. Ibtikar launched its microfinance activity last January through its subsidiary Vitas Misr for Microfinance. We reported in December that Vitas is planning to extend EGP 300 mn in loans to SME clients this year. The company is also in talks with four local banks for a EGP 200 mn loan.