Beltone Holding, a leading financial institution in Egypt, has announced a strategic partnership between its affiliate, Cash for Microfinance, and Microfinanza Italia. This collaboration is set to launch a $2.4 million project aimed at supporting and empowering entrepreneurs. The initiative seeks to provide financial backing and specialized expertise to foster the growth of startups and small businesses, thereby driving economic development.
Strategic Initiative for Entrepreneurial Support
This new project marks a significant step in Beltone’s commitment to support Egypt’s entrepreneurial sector. It follows Beltone’s recent announcement of a $100 million private lending platform to aid Egyptian export-oriented businesses.
Morris Nabil, CEO of Cash, highlighted that this partnership aligns with the national policy to bolster small and medium-sized enterprises (SMEs), which are crucial for economic empowerment. The initiative is designed to offer a comprehensive range of services essential for startup success, including training programs, technical support, and substantial financial assistance.
Enhancing Financial Access and Innovation
In February 2024, the European Bank for Reconstruction and Development (EBRD) extended a $25 million loan facility to support Egypt’s SME sector through the Export Development Bank of Egypt. This fund aims to increase financial resource availability and enhance the competitiveness of Egyptian SMEs by fostering innovation in strategic planning, product development, and marketing.
Nabil emphasized the institution’s vision of establishing business incubators to foster unique ideas and innovations. These incubators will support entrepreneurs and strengthen the industrial sector by promoting self-reliance and economic productivity.
Bridging Academia and Industry
Nabil confirmed that the initiative will bridge the gap between scientific research and industrial application, translating research into practical, market-ready solutions. This effort aims to spur innovation within industries and contribute to the development of a knowledge-based economy, enhancing the overall business climate.
Additional Support for Egyptian Startups
Recently, Glint, an Egyptian investment firm, secured $3 million during the initial close of its second venture fund in collaboration with the Wadi Degla Group. This fund aims to provide critical capital to innovative startups, enabling them to scale their operations and compete in the market.
Additionally, Beltone has partnered with Abu Dhabi-based Comera Financial Holding to drive digital transformation and improve customer experience in Egypt. This alliance, announced on May 8, 2024, aims to introduce cutting-edge digital solutions and support the growth of digital infrastructure, ultimately fostering a more efficient business environment.
Through these strategic initiatives and partnerships, Beltone Holding continues to play a pivotal role in supporting Egypt’s entrepreneurial ecosystem and driving economic growth.