Beltone Leasing and Factoring concludes its first Factoring Transaction with the Egyptian Company for Import and Export for EGP200 million

Cairo, December 5, 2023: Beltone Financial Holding ("Beltone"), one of the fastest growing financial institutions, announces that its wholly owned subsidiary Beltone Leasing and Factoring ("the Company") has signed agreement worth EGP200 million with the Egyptian Company for Import and Export ("EGMED"), one of the largest suppliers and distributors of medical equipment in Egypt.

This agreement is a major milestone for the Company, as it marks its first factoring transaction since the license was obtained from the Financial Regulatory Authority back in September 2023. The agreement will provide essential financing for EGMED's daily operations.

Amir Ghannam, CEO of Beltone Leasing & Factoring, commented: "We are thrilled to announce our first factoring agreement with EGMED, which is a major milestone for Beltone Leasing and Factoring. This strategic collaboration not only marks the initiation of a pivotal partnership with EGMED, but also symbolizes a crucial step in building our factoring portfolio. By providing essential financing for EGMED's day-to-day operations, this agreement solidifies Beltone Leasing and Factoring'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."

Amr Shaker Chairman of EGMED, commented: "Entering into this groundbreaking factoring agreement with Beltone Leasing and Factoring marks a significant chapter in EGMED's financing strategy. This collaboration underscores our commitment to securing innovative financing solutions that propel our day-to-day operations and strengthen our position in the Healthcare sector. Beltone Leasing and Factoring'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."