Beltone’s Cash for Microfinance, Italian Microfinanza sign €2.2 mln deal to empower Egypt entrepreneurs

Doaa A.Moneim , Monday 20 May 2024

Cash for Microfinance, a subsidiary of Beltone Holding, signed a cooperation protocol with Microfinanza Italia to launch a €2.2 million project (approximately EGP 110 million) to boost economic development and empower entrepreneurs in Egypt, Belton announced in a statement on Monday.



The collaboration aims to expand the scope of financial services available to startups and small businesses, enabling robust support through the provision of economic resources and technical expertise, the statement added.

"The protocol is a continuation of our efforts to collaborate with international donors. This aligns with Egypt's directive to support small and medium-sized enterprises,” said Morcos Nabil, CEO of Cash for Microfinance.

The project is meant to set up business incubators as hubs for economic development, nurture entrepreneurs with unique ideas and innovations, and spread the culture of self-employment, Nabil added.

The comprehensive support will help equip startups with the resources and networks to navigate challenges, enhance competitiveness, and expand investments. Additionally, the project aims to connect scientific research with industries, enabling a competitive knowledge economy and improving the overall business climate, he explained.

Alessandro Baroni of Microfinanza said that this collaboration is intended to boost financial services for Egypt's entrepreneurs and startups.

Egypt came in second in the Middle East and North Africa (MENA) region in April, following the UAE, in terms of total investments dedicated to startups, according to the latest Wamda report.

In April, Egyptian startups received $8.7 million out of $54.8 million invested in MENA’s startups.

Fintech was the most funded sector in April, with four firms raising $25.7 million, followed by e-commerce, which received $10.5 million.

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