Beltone Leasing and Factoring to expand in North, West Africa
Updated 10/14/2024 8:37:00 AM
Arab Finance: Beltone Leasing and Factoring, a subsidiary of Beltone Financial Holding, is planning to expand into North and West Africa, with Morocco and Senegal as the first target markets, CEO Amir Ghanem told Asharq Business.
Ghanem disclosed that Beltone is currently negotiating with three major international financial institutions to secure a $60 million loan.
These funds will be used to launch international factoring services in West Africa, focusing on providing financing in dollars to export-oriented companies, he added.
Moreover, he said that the company aims to grow its financing portfolio to over EGP 10 billion by the end of 2024.
Additionally, the company plans to expand into financial technology related to factoring by linking it supply chains, which is expected to enhance its international factoring operations, as per Ghanem.
Beltone Leasing and Factoring was established in 2022 and has rapidly become one of the top three financing companies in Egypt.
The company’s growth has been supported by its substantial paid-up capital of EGP 1 billion, enabling it to access credit facilities worth EGP 10 billion from more than 22 Egyptian banks.
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