- Beltone Holding, an Egyptian financial institution, has announced that its subsidiary, Cash for Microfinance, has signed an agreement with Microfinanza Italia to launch a $2.4 million project to support and empower entrepreneurs.
- The new agreement aims to provide financial resources and technical expertise to entrepreneurial ventures, thereby boosting startups and small businesses, increasing access to capital, and accelerating economic growth.
- This news comes nearly a month after Beltone announced plans to launch a $100 million private credit platform for Egyptian exporters.
The CEO of Cash, Morris Nabil, says that this agreement broadens the organisation's efforts to work with foreign donors in line with the nation's directive to support and encourage small and medium-sized businesses for economic empowerment.
Recall that in February 2024, the European Bank for Reconstruction and Development (EBRD) announced that it would provide a loan of up to $25 million to Egypt's small and medium-sized enterprise (SME) sector through the Export Development Bank of Egypt.
The fund's goal was to increase the availability of financing and boost the competitiveness of Egyptian SMEs and financial institutions by encouraging innovation in strategy, products, processes, and marketing related to private enterprise lending.
Nabil also stated that the institution's goal is to establish business incubators as centres for economic development, nurturing entrepreneurs with unique ideas and innovations that enable productive economic ventures, while also promoting a culture of self-employment to support entrepreneurs and strengthen national industries.
“We will be providing comprehensive training, technical support, and financial support so that we equip startups with the resources and networks needed to navigate challenges, enhance competitiveness, and expand investments.
“We are working to link scientific research with industries to enable a competitive knowledge economy and improve the business climate,” he confirmed.
To achieve the same goal of empowering Egyptian entrepreneurs and startups, Glint, an Egypt-based investment firm, raised $3 million in the first close of its second venture fund with the Wadi Degla Group on May 13, 2024.
Beltone and Comera Financial Holding, an Abu Dhabi-based group with assets in technology, fintech, and services, announced a partnership on May 8, 2024, to promote digital transformation and improve customer experience in Egypt through knowledge transfer and introducing new digital solutions.
