Cash, Microfinanza launch $2.4m project to support Egypt entrepreneurs
TLDR
- Egypt-based Cash for Microfinance, a subsidiary of Beltone Holding, partners with Microfinanza Italia to launch a $2.4 million project supporting Egyptian entrepreneurs.
- Cash for Microfinance, established in 2020, focuses on providing microfinance solutions to entrepreneurs in Upper Egypt.
- The initiative aims to boost startup and small business success by improving access to capital and financial tools, driving economic growth.
Egypt-based Cash for Microfinance, a subsidiary of Beltone Holding, has partnered with Microfinanza Italia to launch a $2.4 million project aimed at supporting Egyptian entrepreneurs.
Cash for Microfinance, founded in 2020, provides microfinance solutions to entrepreneurs in Upper Egypt. Beltone Holding acquired Cash in September 2023. Microfinanza Italia, a consulting firm, offers expertise and tools to improve global access to finance.
The initiative is designed to drive the success of startups and small businesses by enhancing access to capital and financial tools, thereby fueling economic growth. The news comes nearly a month after Beltone announced the launch of a $100 million private credit platform for Egyptian exporters and a partnership with Citadel to co-manage a $30 million fund.
Key Takeaways
Egypt's startup ecosystem stands out as one of the most robust in North Africa, achieving a position among the top 100 globally. This success is attributed to a surge in venture capital funding and the implementation of startup-friendly policies in recent years. The proliferation of tech incubators and global accelerators has played a pivotal role in fostering the growth of the technology sector. Several venture capital firms and government-backed initiatives are instrumental in providing funding and support to startups in the country. Noteworthy among these is Egypt Ventures, a government-backed entity aimed at fostering innovation by supporting technology-based startups. Additionally, Nclude, a fintech fund supported by Egypt's major banks, and Global Ventures are contributing further investments to Egypt's technology sector.
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