Introduction
Egypt-based Cash for Microfinance, a subsidiary of Beltone Holding, has partnered with Microfinanza Italia to launch a $2.4 million project aimed at economically supporting and empowering Egyptian entrepreneurs. This collaboration promises to drive the success of startups and small businesses, enhancing economic growth by improving access to capital and financial tools.
Background and Foundation
Cash for Microfinance was established in 2020 with a mission to provide microfinance solutions to entrepreneurs in Upper Egypt. In September 2023, Beltone Holding acquired Cash, marking a significant step in its expansion strategy. Microfinanza Italia, a consulting firm specializing in global access to finance, brings its expertise to this partnership, aiming to improve financial inclusivity.
The Strategic Partnership
Beltone Holding, one of the fastest-growing financial institutions, announced that its subsidiary, Cash for Microfinance, has signed a cooperation protocol with Microfinanza Italia. This initiative, valued at over €2.2 million (more than EGP110 million), focuses on the economic support and empowerment of Egyptian entrepreneurs. The collaboration seeks to expand the range of financial services available, providing robust support to entrepreneurial ventures through financial resources and technical expertise.
Objectives and Goals
The primary aim of this partnership is to serve as a catalyst in driving the success of startups and small businesses, thereby fostering economic growth. The collaboration enhances access to capital and financial tools essential for business development.
CEO's Vision
Morcos Nabil, CEO of Cash, emphasized the importance of this initiative, stating, “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.” He highlighted several key goals:
- Establishment of Business Incubators: Creating hubs for economic development that nurture entrepreneurs with innovative ideas.
- Promotion of Self-Employment: Spreading the culture of self-employment to support entrepreneurs and boost national industries.
- Comprehensive Support: Providing training, technical support, and financial resources to equip startups with the tools needed to navigate challenges, enhance competitiveness, and expand investments.
- Linking Research with Industry: Connecting scientific research with industries to foster a competitive knowledge economy and improve the business climate.
Microfinanza's Perspective
Alessandro Baroni of Microfinanza expressed enthusiasm about the partnership, stating, "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.” Baroni highlighted the collaboration's potential to boost financial services for Egypt's entrepreneurs and startups, offering effective financial solutions to unleash the full potential of Egyptian companies and communities.
