Thndr Claps » EGY Claps » Financial Services 💸 » Sri Lanka’s LOLC acquires First Microfinance 🤝
Sri Lankan “LOLC Group” acquired 100% of Egypt’s First Microfinance for EGP 80.2 million.
LOLC plans to provide new services such as microfinance leasing & consumer finance.
More on LOLC group
LOLC is a company listed on the Sri Lankan Stock Exchange & holds stakes in several financial services companies in Asia and Africa.
More on First Microfinance
Most of First Microfinance’s clients are concentrated in rural areas. The company dedicates 50% of its portfolio to trading activities, including livestock & fisheries.
Why this matters
LOLC Group seeks to enhance First Company’s portfolio of loans. The step is enhancing Egypt’s Foreign Direct Investment (FDI).
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