Beltone's Cash and Microfinanza Italia Boost Egyptian Startups

Beltone's Cash and Microfinanza Italia Boost Egyptian Startups

By Press Release, 21 May 2024

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 or over $2.4 million).

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 serve as a catalyst in driving the success of startups and small businesses, thereby fueling economic growth by enhancing access to capital and financial tools. 

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.”


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