Cairo 12 May 2024:
Beltone Holding (“Beltone”), one of the fastest-growing financial institutions, announces that its wholly-owned subsidiary, Beltone Leasing and Factoring, has signed a sale and leaseback agreement and factoring facility totaling EGP400 million with IL Cazar for Urban Development (“the Company”), a leading real estate development company in Egypt.
Amir Ghannam, CEO of Belton Leasing and Factoring Company and Nader Khozam, Chairman of the Board and CEO of IL Cazar have signed the agreement, in the presence of Fady Nassif, IL Cazar Vice Chairman and Board Member, and top officials from both companies. The deal includes a sale and leaseback transaction worth EGP200 million and a factoring agreement worth EGP200 million, to finance the construction of the Creek Town project.
Amir Ghannam, CEO of Beltone Leasing and Factoring, commented, “The financing agreement with IL Cazar for Urban Development reflects our solid criteria for client selection and portfolio quality and resilience. We are proud to support key players in the real estate sector, especially IL Cazar, who have proven in a short time span to be among the top developers in the Egyptian market with a clear vision and well-defined growth plans. The leasing and factoring agreement is just the beginning of further collaboration with IL Cazar, leveraging Beltone Group’s financial expertise to provide our investment banking services, mortgage products, consumer finance solutions, as well as data science and digitalization.”
Commenting on the agreement, Khozam confirmed that the agreement between Il Cazar and Belton Leasing and Factoring is a key strategic step in the company’s efforts to achieve growth and development. Since Beltone has an excellent reputation for providing innovative financial solutions, this agreement is more than just a traditional financing agreement, rather a partnership backed by mutual trust and understanding, and aims to achieve our shared goals to develop the Creek Town Project in the First Settlement.
Through this partnership, Beltone will provide IL Cazar with advanced financial solutions worth approximately EGP 400 million, to execute the project efficiently and effectively. This partnership aligns with the strategic vision of IL Cazar, which has 5 flagship projects in New Cairo.
