Back to the complete issue
Wednesday, 10 February 2021

Lending for MDs, merchants

Prime Fintech’s Endorse has rolled out a financial leasing service geared towards physicians and other health professionals who want to open or upgrade clinics, pharmacies and labs, according to a press release (pdf). The company will offer finance with a tenor of up to 60 months, and an option to own the asset at the end of the repayment period, CEO Mervat Erian said. The company will target other industries in a “similar fashion,” she says, without giving a timeline. Endorse is the first company to be launched by Prime Fintech, a subsidiary of Prime Holding established last year to deepen the company’s footprint in the non-banking financial services sector.

EFG Hermes Corp-Solutions plans to lend EGP 100 mn to ValU merchants this year through the new factoring service announced by the firms last week, EFG Finance CEO Walid Hassouna told Al Mal yesterday. Merchants who have been customers of ValU for over a year can each borrow between EGP 50k and EGP 10 mn from Corp-Solutions to finance working capital and make capital investments.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.