Beltone’s arm, IL Cazar seal EGP 400M sale, leaseback deal
Updated 5/12/2024 4:57:00 PM
Arab Finance: Beltone Leasing and Factoring, a subsidiary of Beltone Holding, has signed a sale and leaseback agreement and factoring facility worth EGP400 million with IL Cazar for Urban Development, according to an emailed press release.
The deal covers an EGP 200 million sale and leaseback transaction and an EGP 200 million factoring agreement to finance the construction of the Creek Town project.
Under this partnership, Beltone will provide IL Cazar with up-to-date financial solutions valued at approximately EGP 400 million for carrying out the project efficiently and effectively.
This collaboration comes in line with the strategic vision of IL Cazar, which has five flagship projects in New Cairo.
The agreement was signed by CEO of Belton Leasing and Factoring Amir Ghannam and Chairman and CEO of IL Cazar Nader Khozam.
The signing occurred in the presence of Fady Nassif, IL Cazar Vice Chairman, among other top officials from both companies.
“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," Ghannam commented.
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