Beltone Holding Announces Strategic Partnership Between Cash Microfinance and Microfinanza to Support Egyptian Entrepreneurs
Beltone Holding, one of the fastest-growing financial institutions, announced that its subsidiary, Cash Microfinance, has signed a cooperation protocol with the Italian company Microfinanza. This partnership aims to launch a project for the economic support and empowerment of Egyptian entrepreneurs, valued at €2.2 million, equivalent to more than EGP 110 million.
Enhancing Economic Growth and Empowering Entrepreneurs
This alliance aims to stimulate economic growth by expanding the scope of financial services, thereby supporting the entrepreneurial growth of business owners. The cooperation seeks to drive the success of startups and small businesses by improving access to capital and financial tools, enhancing the growth and expansion opportunities for these companies.
Establishment of Cash and Its Role in Microfinance
Cash Microfinance was established in 2020, providing microfinance solutions to entrepreneurs in Upper Egypt. Beltone Holding acquired Cash in September 2023, contributing to the expansion of its services and achieving its goals in supporting small and medium-sized enterprises.
Microfinanza’s Role in Improving Access to Finance
Microfinanza is an Italian consultancy specializing in providing expertise and tools to improve access to finance. This cooperation reflects the commitment of both companies to offer innovative financial solutions that enhance financial inclusion and empower entrepreneurs in Egypt.
Leadership Statements
Markos Nabil, CEO of Cash, stated: “This cooperation continues a series of initiatives and partnerships with international donors that have been previously announced. We are keen to establish these partnerships in line with the Egyptian state’s direction to enhance and support small and medium-sized enterprises, achieve economic empowerment, and promote a culture of entrepreneurship to support entrepreneurs and enhance national industries in various productive fields.”
Nabil emphasized that the main goal of this alliance is to establish business incubators as an economic development entity to guide entrepreneurs and individuals with unique ideas and innovations towards transforming them into successful economic projects through providing training, technical, and financial support.
He added: “The initiative also aims to provide financial services to startups, enhance their organizational structures and networks, and form alliances among entrepreneurs to face all technical and economic challenges, enhance their competitiveness, and expand their investments. Additionally, it aims to link scientific research with industries to boost a competitive knowledge economy and improve the business climate.”
Importance of International Cooperation
Alessandro Baroni from Microfinanza expressed his pleasure, saying: “We are pleased to announce the signing of a cooperation protocol with Cash Microfinance, an innovative institution focused on microfinance in Upper Egypt. This strategic partnership represents a commitment to enhancing financial inclusion and empowering entrepreneurs and startups in Egypt. Through this cooperation, Cash Microfinance and Microfinanza look forward to providing effective financial solutions and unleashing the potential of Egyptian businesses and communities.”
Impact on Small and Medium Enterprises
The project aims to provide financial services to startups, enhance their organizational structures and networks, and help form alliances among entrepreneurs to face technical and economic challenges, improve their competitiveness, and expand their investments. Additionally, the project aims to link scientific research with industries to strengthen a competitive knowledge economy and develop the business environment in Egypt.
This partnership reflects the commitment of Beltone Holding, Cash Microfinance, and Microfinanza to enhance financial inclusion and support entrepreneurs in Egypt. Through this cooperation, the parties aim to provide a supportive environment for economic growth and offer innovative financial solutions that contribute to the success of small and medium-sized enterprises in Egypt.
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