China-Egypt TEDA Suez Economic and Trade Cooperation Zone, owned by the Chinese government, signed a cooperation agreement with Catalyst Leasing, the financial arm of Catalyst Partners, to provide financial leasing and factoring services for TEDA economic zone.
Tarek Effat, Chairperson of Catalyst Leasing, stated that the joint cooperation between the two companies resulted in the conclusion and implementation of financial leasing contracts amounting to about $17m, most of which were to finance the purchase of production lines, machinery, and industrial equipment for a Chinese company in the economic zone, which is managed by TEDA.
Effat added that the company’s financing portfolio has grown by nearly 60% in 2021, explaining that this boom is consistent with the return of economic activity to growth rates that were before the pandemic, especially the productive economy and the recovery of the overall economy of Egypt.
Effat stated that new contracts are expected to be concluded before the end of the current fiscal year 2021/22, at about $10m.
