New $2.4m project aims to empower Egyptian entrepreneurs
The Egypt-based Cash for Microfinance has partnered Microfinanza Italia to launch a US$2.4 million project aimed at supporting and empowering Egyptian entrepreneurs.
Founded in 2020 and acquired by Beltone Holding in September 2023, Cash provides microfinance solutions for entrepreneurs in Upper Egypt, while Microfinanza is a consulting firm that offers expertise and tools to improve global access to finance.
The partnership between the two aims to launch a project for the economic support and empowerment of entrepreneurs worth over US$2.4 million, which will expand the scope of financial services, enabling robust support for entrepreneurial ventures through the provision of financial resources and technical expertise.
“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,” said Morcos Nabil, CEO of Cash.
“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.”
