$2.4 M project launched by Cash, Microfinanza to support Egyptian entrepreneurs

The fastest-growing financial company, Beltone Holding (“Beltone”), announced today that Microfinanza Italia and Cash for Microfinance (“Cash” or the “Company”), a subsidiary of Beltone Holding, have signed a cooperation protocol. This protocol intends to initiate an initiative valued at more than €2.2 million (more than EGP110 million) for the financial assistance and empowerment of entrepreneurs.

With the help of financial resources and technical know-how, this partnership hopes to broaden the range of financial services available and provide strong support for business endeavors. Furthermore, by improving access to finance and financial instruments, the partnership is well-positioned to act as a catalyst for the success of small and startup companies, thereby promoting economic growth.

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.”