Egypt’s Beltone Leasing and Factoring Signs 1st USD29.8M Syndicated Factoring Deal for Redcon Properties
Egyptian financial institution, Beltone Holding, through its subsidiary Beltone Leasing and Factoring, secured the first syndicated factoring deal in Egypt valued at USD 29.8 million for Redcon Properties.
This strategic maneuver underscores Beltone’s dedication to leveraging various financial tools for project financing, ensuring robust support for key ventures.
The collaboration brings together Beltone Leasing and Factoring with leading entities in the factoring realm, including Cairo Lease, Enmaa, Misr Finance, and AUR Leasing, collectively contributing EGP 925 million to the transaction, with Beltone Leasing and Factoring covering EGP 412.5 million. Banque Misr serves as the escrow bank, further solidifying the deal’s structure and integrity.
Ahmed Abdallah, Vice Chairman of Redcon Properties, lauds the groundbreaking nature of this joint factoring deal, emphasizing its role in propelling the real estate sector forward while setting a precedent for future financing endeavors.
The collaboration signifies a vote of confidence from participating financial institutions in Redcon’s financial standing and project quality.
This innovative financing approach is hailed by industry leaders like Ahmed Sherif, Managing Director and CEO of Cairo Leasing Company, as a testament to the effectiveness of cooperation between financial leasing and factoring entities.
The alliance supports diversified financing needs by sharing risks and leveraging collective expertise while fortifying the Egyptian economy.
Tarek Fouad El Fayoumy, CEO and Managing Director of Enmaa, expresses enthusiasm for the collaboration, underscoring the commitment to serving various sectors within the Egyptian market and fostering sustainable growth.
Amir Ghannam, CEO of Beltone Leasing and Factoring, commends the syndicated factoring agreement as a milestone in fostering financial inclusivity and growth.
He anticipates expanding such offerings to further enrich the factoring and leasing market, signaling a promising trajectory for future collaborations and market development.