London, United Kingdom (AGENCIES) June 17, 2020 — Dr. Faisal Khazaal, Chairman of Elite Capital & Co. Limited, announced today that Elite Capital & Co. (“ECC”) continues to confirm its position in the world of finance despite the crisis the world is going through due to the outbreak of the Coronavirus (COVID-19) epidemic.
“Since 2012, certain unusual circumstances have helped ECC to create our flexible approach to funding. The most outstanding among those exceptional circumstances is that ECC was incorporated and emerged at the start of the former global financial crisis in 2012, when the banks and the world’s leading lenders started to face the crisis, thereby reducing their flexibility in granting loans to borrowers. Because ECC was established at that point in time, it did not suffer the difficulties that other lenders are now facing. Quite to the contrary, ECC benefited from the situation during that period by adapting to the situation and establishing a flexible system of its own that suited the prevailing circumstances. Now the same conditions are being repeated with the present global financial crisis in 2020, making us the strongest in the world of finance” Dr. Faisal Khazaal said.
Elite Capital & Co. Limited is a private limited company that provides project related services including Management, Consultancy and Funding, particularly for large infrastructure and commercial projects.
Mr. George Matharu, President and Board Member of Elite Capital & Co. Limited, said “It has been decided that the commercial and private sectors will be given more flexibility in accepting their requests for funding, starting today”.
The new rules for granting finance to the commercial and private sectors as of June 17, 2020:
1. Elite Capital & Co. will accept any of the following as collateral; Sovereign Guarantee, Bank Guarantee (from a bank rated “BBB” or better by S&P or Moody’s), or Government Purchase Agreement “confirmed by the Ministry of Finance” of some description (e.g. Power Purchase Agreement, etc).
2. For commercial or private projects ECC can provide up to 80% funding. Therefore, the project owner must have the 20% equity for the project in the form of liquid cash/assets. (NB. We cannot accept Land, Buildings, in-ground assets, etc as equity). The said 20% is paid directly for project costs, and not to Elite Capital & Co. or any third party. The payment will be made in line with the cash flow requirements for the project, which is typically broken down into Design and Construction milestones.
3. The project must have the necessary approvals and/or permits, and must have a completed Feasibility Study.
4. Projects are executed on an EPC+F basis, which is Engineering, Procurement and Construction plus Finance. We can execute BOO or BOT projects, but only with 20% equity from the Project Owner or from a third party (e.g. Hedge Fund, Private investor, etc).
5. The EPC Contractor will be nominated by Elite Capital and agreed with the client in advance. The contractors we use are all from the Top 50 United Kingdom or Chinese companies.
6. To qualify for funding, the project must have a minimum of “50% UK or Chinese content”, which would include the EPC Contractor, and Technology or Components.
7. The types of construction projects we can fund are; Rail, Energy Plant, Oil Refinery, Hotel, etc. We can’t fund construction projects that have limited technical content – roads, housing, etc.
8. The project cannot be in a sanctioned country.
Dr. Faisal Khazaal and Mr. George Matharu, MBA. concluded their statement by saying, “The new rules granted today to the commercial and private sectors to finance their projects are different from government-owned projects, because we provide governments with a specifically tailored flexible lending system (Government Future Financing 2030 Program), an exclusive program designed by Elite Capital & Co. and the most powerful financial program in the finance market which we were glad to launch on January 15, 2020”.
Elite Capital & Co. – Contact Details –
Elite Capital & Co. Limited
33 St. James Square
Telephone: +44 (0) 203 709 5060
Facsimile: +44 (0) 203 709 5061
SWIFT Code: ELCTGB21
Elite Capital & Co. Limited
Dr. Faisal Khazaal
الدكتور فيصل خزعل