Beltone Holding, one of the fastest-growing financial institutions, has announced that its wholly-owned subsidiary, Beltone Leasing and Factoring, signed a sale and leaseback agreement and factoring facility totaling EGP 400 mn with IL Cazar Developments, a leading real estate development company in Egypt, Invest-Gate reports.

The agreement was signed by Amir Ghannam, CEO of Beltone Leasing and Factoring Company, and Nader Khozam, Chairman of the Board and CEO of IL Cazar, in the presence of Fady Nassif, IL Cazar Vice Chairman and Board Member, and senior officials from both companies.

The deal comprises a sale and leaseback transaction worth EGP 200 mn and a factoring agreement worth EGP 200 mn, aimed at financing the construction of the Creek Town project.

Amir Ghannam, CEO of Beltone Leasing and Factoring, stated, “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, particularly IL Cazar, who have demonstrated their position among the top developers in the Egyptian market in a short period, with a clear vision and well-defined growth plans.”

“The leasing and factoring agreement is just the beginning of our collaboration with IL Cazar. Leveraging Beltone Group’s financial expertise, we aim to provide investment banking services, mortgage products, consumer finance solutions, as well as data science and digitalization,” Ghannam added.

Regarding the agreement, Khozam confirmed that the partnership between IL Cazar and Beltone Leasing and Factoring represents a vital strategic step in the company’s growth and development efforts. Given Beltone’s excellent reputation for providing innovative financial solutions, this agreement goes beyond traditional financing; it is a partnership built on mutual trust and understanding, with the aim of achieving shared goals in developing the Creek Town Project in the First Settlement.

Through this partnership, Beltone will provide IL Cazar with advanced financial solutions worth approximately EGP 400 mn, enabling efficient and effective execution of the project. This partnership aligns with IL Cazar’s strategic vision, which includes five flagship projects in New Cairo.