Beltone partners with Microfinanza Italia to inject $2.4 million into Egypt’s entrepreneurial landscape

Beltone Holding, a prominent financial entity in Egypt, has made a public announcement that its affiliate, Cash for Microfinance, has entered into a collaborative arrangement with Microfinanza Italia. This partnership involves the initiation of a substantial project, valued at $2.4 million, with the objective of bolstering and empowering entrepreneurial individuals. The essence of this new pact is to channel both financial support and specialized know-how into entrepreneurial initiatives. The overarching goal is to catalyze the growth of nascent companies and smaller business entities by enhancing their access to necessary funding, thereby propelling economic expansion.

This development emerges approximately one month subsequent to Beltone’s disclosure of its intention to establish a private lending platform, earmarked at $100 million, specifically designed to aid Egyptian entities engaged in export activities.

Morris Nabil, the Chief Executive Officer of Cash, has articulated that this agreement is an expansion of the organization’s commitment to collaborate with international benefactors. This collaboration is in alignment with the national policy that seeks to fortify and incentivize the operations of small and medium-sized enterprises (SMEs) as a means of fostering economic empowerment.

It is noteworthy to mention that back in February 2024, the European Bank for Reconstruction and Development (EBRD) made an announcement regarding its decision to extend a loan facility of up to $25 million. This financial support is directed towards the SME sector in Egypt, with the Export Development Bank of Egypt acting as the conduit. The fund is specifically designed to augment the availability of financial resources and to enhance the competitive edge of Egyptian SMEs as well as financial institutions. This is to be achieved by stimulating innovation across various domains such as strategic planning, product development, process improvement, and marketing, all of which are integral to the lending activities associated with private enterprises.

Furthermore, Nabil has emphasized that the institution’s strategic vision includes the establishment of business incubators that will serve as epicenters for economic growth. These incubators are intended to foster entrepreneurs who possess distinctive ideas and innovations, thereby facilitating the emergence of productive economic enterprises. Additionally, there is a concerted effort to promote a culture of self-reliance among entrepreneurs, which is expected to buttress entrepreneurs and fortify the nation’s industrial sector.

“Our program is designed to deliver an extensive range of services that are crucial for the growth and success of startups. We will be offering thorough training programs tailored to the unique needs of new businesses, ensuring they have the knowledge and skills required to succeed. Alongside this, we will provide robust technical support to help these startups overcome any technological hurdles they may encounter.

In addition to training and technical assistance, we are also committed to providing substantial financial support. This funding is intended to give startups the necessary capital to scale their operations, navigate through the initial challenges of the business landscape, and seize opportunities for expansion. By equipping them with these resources, we aim to create a strong network that startups can leverage to propel their growth and become more competitive in their respective markets.

Furthermore, we are actively engaged in bridging the gap between scientific research and industrial application. Our efforts are focused on fostering collaborations that can translate cutting-edge research into practical, market-ready solutions. By doing so, we aim to spur innovation within industries, thereby contributing to the development of a knowledge-based economy that is both competitive and dynamic.

By improving the connection between academia and industry, we believe we can significantly enhance the business climate. This will not only benefit the startups and industries involved but will also have a positive ripple effect on the broader economy,” he confirmed with assurance.

In a concerted effort to bolster Egyptian entrepreneurs and startups, Glint, an investment firm rooted in Egypt, successfully secured $3 million during the initial close of its second venture fund. This financial milestone was achieved in collaboration with the Wadi Degla Group on May 13, 2024. The fund is poised to provide critical capital to innovative startups and entrepreneurs, offering them the financial impetus needed to scale their operations, innovate, and compete in the market.

Meanwhile, Beltone joined forces with Comera Financial Holding, a conglomerate based in Abu Dhabi with a diverse portfolio in technology, fintech, and services. This strategic alliance was announced on May 8, 2024, with the shared objective of driving digital transformation and enhancing the customer experience within Egypt. The partnership is set to facilitate the exchange of knowledge and the introduction of cutting-edge digital solutions, thereby contributing to the modernization of Egypt’s business landscape. Through this collaboration, both Beltone and Comera Financial Holding aim to leverage their expertise to support the growth of digital infrastructure and services, ultimately fostering a more efficient and customer-centric business environment.