Beltone Holding, one of the fastest-growing financial institutions, has announced that its wholly owned subsidiary, Beltone Leasing and Factoring, has signed Egypt’s first syndicated factoring deal worth EGP 925 mn for Redcon Properties, Invest-Gate reports.

The primary objective of this agreement is to provide crucial financial support to Redcon Properties, the real estate development arm of Redcon Group.

Beltone Leasing and Factoring has partnered with several prominent factoring companies, including Cairo Lease, Enmaa, Misr Finance, and AUR Leasing, contributing a total of EGP 512.5 mn to the deal. Beltone Leasing and Factoring’s contribution amounts to EGP 412.5 mn, while Banque Misr has acted as the escrow bank.

Commenting on the signing of this joint factoring deal, Tarek El Gamal, Chairman of Redcon Properties, stated, “In the broader context of the real estate sector, this agreement holds significant importance as it enables real estate developers to access the necessary financing tools to expand their development portfolio. It will accelerate the construction progress of the Golden Gate project, a pivotal commercial development in Egypt, particularly in East Cairo.”

Ahmed Abdallah, Vice Chairman of Redcon Properties, added, “Signing Egypt’s first joint factoring deal marks a milestone in the real estate industry. It positions us as the first real estate development company to utilize this non-banking financial tool for project financing, paving the way for its future utilization by other companies to contribute to the sustainable growth of the real estate sector.”

Amir Ghannam, CEO of Beltone Leasing and Factoring, commented, “The syndicated factoring agreement with Redcon Properties is a testament to our commitment to fostering financial growth and inclusivity. As the first product of its kind in Egypt, this agreement sets a precedent for future developments.”