Egyptian financial institution Beltone Holding has revealed that its Cash for Microfinance arm has entered into a partnership deal with Microfinanza Italia to establish a $2.4 million project aimed at developing and facilitating management of enterprises.
The new deal is supposed to bring money and professional advice to new businesses or start-ups, which will, in return, encourage start-ups to grow more, help get more funding from investors, and enhance economic development.
This news comes just at least a month after Beltone established the $100 million private credit platform for Egyptian exporters.
Morris Nabil, the CEO of Cash says that this agreement extends the working ability of the organisation with the foreign donors as per the directives of the nation to support and encourage small and medium-sized businesses for empowering the economies.
Note that in February 2024 the European Bank for Reconstruction and Development (EBRD) revealed that due to the coronavirus pandemic it would extend up to $25m worth of financing to Egyptian SMEs via the Export Development Bank of Egypt.
It aimed to expand the access to financing, and to enhance competition for Egyptian SMEs and financial institutions in innovation of strategies, products, processes, and marketing related to private enterprise lending.
Nabil also said that the institution has developed an aim of setting up business incubation to be focused on economic development of business through development of a hub for developing entrepreneurial talents to foster numerous productive economic business ventures and enhancing the culture of self-employment for supporting the entrepreneurial and strengthening of national economic 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 the same end, Glint, an Egypt-focused investment firm, raised $3 million in the first close of its second venture fund on May 13, 2024, from the Wadi Degla Group.
Beltone and Comera Financial Holding, an Abu Dhabi-based group operating in technology, fintech, and services confirmed a strategic partnership on May 8, 2024 to enhance customer experience and digital transformation in Egypt through knowledge sharing and adoption of new digital solutions in the country.
