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Under the contract, the two parties will team up to finance the construction of the Creek Town project
Cairo – Beltone Leasing and Factoring, a subsidiary of Beltone Holding, has signed a sale and leaseback agreement and factoring facility amounting to EGP400 million with IL Cazar for Urban Development.
The joint deal includes a sale and leaseback transaction worth EGP200 million, while the factoring agreement stands at EGP200 million, according to a press release.
Under the contract, the two parties will team up to finance the construction of the Creek Town project.
Amir Ghannam, CEO of Beltone Leasing, commented: "The financing agreement with IL Cazar for Urban Development reflects our solid criteria for client selection and portfolio quality and resilience.”
“The leasing and factoring agreement is just the beginning of a further collaboration with IL Cazar, leveraging Beltone Groups financial expertise to provide our investment banking services, mortgage products, consumer finance solutions, as well as data science and digitalisation," Ghannam added.
Through this partnership, Beltone will provide IL Cazar with advanced financial solutions to implement the project efficiently.
Last March, the EGX-listed company’s unit rolled out an EGP 925 million syndicated factoring deal for Redcon Properties.
On the financial level, the consolidated net operating profits of Beltone Holding hiked by 3,597% to EGP 1.02 billion in 2023 from EGP 27.80 million in 2022. |
