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Egypt’s Beltone Leasing and Factoring Signs 1st USD29.8M Syndicated Factoring Deal for Redcon Properties

Beltone Leasing and Factoring achieved a milestone by securing Egypt’s first syndicated factoring deal valued at USD 29.8 million for Redcon.

To curb inflation, which hit record levels, reaching about 40.3% last May, the Central Bank of Egypt raised the interest rate by 10%.

The offering came at an Iftar party organized by the Talaat Moustafa Group, on Thursday, April 13, at the “East Hub” project in Madinaty.

The new facilities include deducting interests of loans and cash advances from companies’ net profits.

Arab Investment Bank offers Islamic banking products in two of its 18 branches and is also planning to expand that range of products.

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