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- Cash for Microfinance and Challenge Fund for Youth Employment launch "Underprivileged Entrepreneurs Reach Project" worth EGP60 million
Cash for Microfinance and Challenge Fund for Youth Employment launch "Underprivileged Entrepreneurs Reach Project" worth EGP60 million
Cairo, December 27, 2023: Beltone Financial Holding ("Beltone"), one of the fastest-growing financial institutions, announces that Cash for Microfinance ("Cash" or "the Company"), a wholly owned subsidiary of Beltone has signed an agreement with the Challenge Fund for Youth Employment ("CFYE"), a program that aims to empower youth employment through private sector support, to launch the "Underprivileged Entrepreneurs Reach Project" for a total of EGP60 million.
The agreement aims to provide financing to entrepreneurs, with a special focus on women and youth. To achieve this, Cash will capitalize on mobile branches, bringing financial services closer to underserved communities, through dedicated female loan officers equipped with all necessary tools to eliminate long commuting by women.
Cash will offer incremental loans, provide financial support for participation in local fairs, and assist in the development of a strong social media presence for entrepreneurs. It will offer comprehensive training programs to enable entrepreneurs to effectively maintain and promote their businesses.
Morcos Nabil, Chief Executive Officer of Cash for Microfinance, commented: "This project initiates a series of collaborations with international entities to support entrepreneurs, aligning with our previous announcements. Our goal is to offer innovative, easily accessible financing solutions and products, coupled with comprehensive training programs. The focus is to ensure holistic development, operational effectiveness, and market expansion for entrepreneurs through exhibitions and new sales outlets. Ultimately, we aim to create numerous job opportunities, enhance skills and contribute to the microfinance sector's growth".
Ola Farrag, CFYE Country Lead said: "In Egypt, the fund aims to reach its goal through co-investing in innovative private sector-led initiatives to tackle youth unemployment. The project includes the creation of about 2,500 jobs for youth. Cash will reach these entrepreneurs in their communities and homes through mobile branches, giving them local assistance and quick access to finance through the development of a digital enabling app. Meanwhile, Cash will also accelerate change in the microfinance business by establishing a training school focused on enhancing the skills of recent graduates (50% of whom are women), allowing them to enter the microfinance workforce. The partnership with Cash aims to finance low-income projects, fostering growth for small businesses and creating sustainable job opportunities. This initiative specifically targets social and economic development, with a focus on empowering women and youth in Upper Egypt".