EFG Corp-Solutions, a wholly-owned subsidiary of EFG Finance, an EFG Holding Company, and one of Egypt’s leading leasing and factoring companies, announced today that it signed an agreement with Elsewedy Industrial Development, a subsidiary of ELSEWEDY ELECTRIC to offer a holistic set of financing solutions for its SOKHNA360 the integrated industrial city located in the SCZONE.
Under the terms of the agreement, EFG Corp-Solutions will play a pivotal role in financing the SOKHNA 360’s clients undertaken by Elsewedy Industrial Development within the Suez Canal Economic Zone on an area of 10 million square meters. This venture aims to provide comprehensive financial solutions for manufacturers’ investment projects ranging from land acquisition to fixed assets, effectively supporting Elsewedy Industrial Development’s vision for attracting new local and foreign direct investors to SOKHNA360 integrated industrial city.
In this strategic collaboration, EFG Corp-Solutions will extend financing and facilities in various forms, including direct financial leasing, sale with releasing, and financial rights factoring, as well as financing the working capital cycle. The financing scope encompasses a wide array of assets such as real estate, administrative and commercial headquarters, factories, lease production lines, as well as transport and packaging vehicles, and private cars for employees.
Mr. Talal El Ayat, CEO of EFG Corp-Solutions, said, “We are thrilled to be part of Elsewedy Industrial Development’s transformative SOKHNA360 integrated industrial city project. EFG Corp-Solutions is dedicated to providing innovative financial solutions that not only meet the unique needs of businesses but also contribute to the overall success of projects that drive economic growth. We believe our expertise in leasing and factoring will play a crucial role in supporting Elsewedy Industrial Development’s vision for this landmark project that contributes to Egypt’s industrial development goals.”
Eng. Mohamed AlKammah, CEO of Elsewedy Industrial Development, said, “ We are pleased to collaborate with EFG Corp-Solutions as it adds a significant value to our operations; the agreement supports the provision of financing solutions to our clients for up to ten years, which is the longest payment plan provided by an industrial developer in Egypt.” He added: “Besides providing developed industrial parks, we constantly strive to develop solutions and provide added value to aid our customers and investors in boosting the country’s economy. We are committed to eliminating any barriers that hinder the efficient expansion of industrial investments, thus maximizing their impact.”
In addition to financing fixed assets, the agreement also covers the provision of credit facilities for companies and institutions located in the SOKHNA360 project. EFG Corp-Solutions is set to offer financial leasing options over payment periods of up to ten years, thereby enabling businesses to access the necessary resources for their growth and expansion.
SOKHNA360, spanning over 10 million square meters, is being developed and designed by Elsewedy Industrial Development in collaboration with international experts. It is built upon thorough studies to ensure the provision of all essential requirements for a sustainable, intelligent, and integrated industrial city that caters to the needs of manufacturers and investors in the region. Strategically located on the Red Sea coast within the Suez Canal Economic Zone, SOKHNA360 occupies a prime position at the center of domestic trade in Egypt and major trade routes connecting Africa, Asia, Europe, and the MENA region. The exceptional project distinguishes itself through its well-balanced, comprehensive, and innovative approach, combining industrial, logistical, residential, commercial, and educational components.