Local leasing firms team up for sale and leaseback agreement with CapitalMed:Beltone Financial subsidiary Beltone Leasing, Banque du Caire’s Cairo Leasing Corporation, and El Sewedy Group’s Easy Lease have inked a EGP 600 mn sale and leaseback agreement with Egyptians for Healthcare Services (EHCS), Beltone said in a statement (pdf).

Where is the money going? The funds will help EHCS finance the remaining costs of the service building in the first phase of the CapitalMed medical complex in Badr City. The agreement will see EHSC maintain operational control of the project.

It’s hasn’t all been good news for EHCS this week : UAE-based district cooling firm Tabreed, which was contracted to design, build, and operate a heating and cooling plant for CapitalMed in 2022, terminated its contract with EHCS last week as the FX crisis had rendered the project “financially unsustainable.”

CapitalMed? The EGP 18 bn medical complex aims to serve as many as 20 mn people andincludes a general hospital and 19 specialist centers. Construction for the first of four phases of the project began in 2022, with all phases set to be completed within 10-12 years after breaking ground on the project.

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