Cairo – Mubasher: Beltone Leasing and Factoring Company, a fully-owned subsidiary of Beltone Financial Holding, inked an agreement worth EGP 200 million with the Egyptian Company for Import and Export (EGMED).
The agreement marks Beltone Leasing’s first factoring transaction since the license was obtained from the Financial Regulatory Authority (FRA) in September 2023, according to a press release.
Meanwhile, the partnership will provide essential financing for EGMED's daily operations.
EGMED is considered one of the largest suppliers and distributors of medical equipment in the Arab Republic.
Amir Ghannam, CEO of Beltone Leasing, commented: “This strategic collaboration not only marks the initiation of a pivotal partnership with EGMED, but also symbolises a crucial step in building our factoring portfolio.”
Ghannam added: “By providing essential financing for EGMED's day-to-day operations, this agreement solidifies Beltone Leasing's commitment to offer strategic financial solutions. It underscores our strategic position in the market and will support us in expanding of our factoring portfolio."
The Chairman of EGMED, Amr Shaker, said: “Beltone Leasing's expertise and strategic approach align seamlessly with EGMED's vision, and we are confident that this partnership will play a pivotal role in the continued success and growth of our company."
Last October, Beltone Leasing penned and Al Ahly Sabbour for Real Estate Developments penned a sale and leaseback agreement at a value of EGP 1.20 billion.
