Partnership

Cash and Microfinanza Announce $2.4M Support Project for Egyptian Startups

What’s this about?

  • Cash for Microfinance, based in Egypt and a subsidiary of Beltone Holding, has joined forces with Microfinanza Italia to launch a $2.4 million project to support and empower Egyptian entrepreneurs economically.
  • This partnership catalyses the success of startups and small businesses, stimulating economic growth by improving access to capital and financial resources.
  • Founded in 2020, Cash focuses on providing microfinance solutions to entrepreneurs in Upper Egypt and was acquired by Beltone Holding in September 2023. Microfinanza, a consulting firm, offers expertise and tools to enhance global financial access.

Zoom in…

Beltone Holding (“Beltone”), one of the fastest-growing financial institutions, today announced that its subsidiary, Cash for Microfinance (“Cash” or the “Company”), has signed a cooperation protocol with Microfinanza Italia. This protocol aims to launch a project for the economic support and empowerment of entrepreneurs worth over €2.2 million (over EGP110 million).

Context

This partnership aims to expand the scope of financial services, enabling robust support for entrepreneurial ventures through the provision of financial resources and technical expertise. Moreover, the collaboration is poised to catalyze driving the success of startups and small businesses, thereby fueling economic growth by enhancing access to capital and financial tools. 

What they are saying…

Morcos Nabil, CEO of Cash, stated, “I believe that this protocol is a continuation of our efforts to collaborate with international donors, which aligns with the Egyptian state’s directive to strengthen and support small and medium-sized enterprises for economic empowerment

Our goal is to establish business incubators as hubs for economic development, nurturing entrepreneurs with unique ideas and innovations that enable productive economic ventures. Moreover, one of our goals is to spread the culture of self-employment to support entrepreneurs and enhance 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. Lastly, we are working to link scientific research with industries to enable a competitive knowledge economy and improve the business climate.”

Alessandro Baroni of Microfinanza expresses, “Microfinanza is thrilled to announce the signing of this Cooperation Protocol, which establishes a strategic partnership with Cash-Microfinance, an innovative and mission-oriented financial institution founded in Upper Egypt. This collaboration is intended to boost financial services for Egypt’s entrepreneurs and start-ups.” Through this cooperation, Cash Microfinance and Microfinanza look forward to offering effective financial solutions and unleashing the full potential of Egyptian companies and communities.”

Source: wamda.com

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