Microfinanza signs a cooperation protocol with Cash for Microfinance to empower Egyptian entrepreneurs, boost the industry, and drive economic growth by 2.2 million euro
Microfinanza signs a cooperation protocol with Cash for Microfinance to empower Egyptian entrepreneurs, boost the industry, and drive economic growth by 2.2 million euro
Cairo, april 2024
Microfinanza is thrilled to announce the signing of a Memorandum of Understanding (MoU), establishing a strategic partnership with Cash for Microfinance, an innovative and mission-oriented financial institution funded in Upper Egypt. This collaboration is poised to boost financial services for Egypt’s entrepreneurs, start-ups, and underserved individuals.
By combining the strengths of both organizations and mobilizing donors’ and investors’ capital, we aim to empower aspiring businesses and catalyze economic growth across the region.
This protocol aims to launch a project for the economic support and empowerment of entrepreneurs worth over 2.2 million euro (over 110 million in EGP equivalent).
This partnership aims to expand the scope of financial services, enabling robust support for entrepreneurial ventures through the provision of financial resources and technical expertise. Moreover, the collaboration is poised to serve as a catalyst in driving the success of startups and small businesses, thereby fueling economic growth by enhancing access to capital and financial tools.
Morcos Nabil, CEO of Cash for Microfinance, stated, “I believe that this protocol is a continuation to 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.
Our goal is to establish business incubators as hubs for economic development, nurturing entrepreneurs with unique ideas and innovations enabling 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, 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.”
Alessandro Baroni financial inclusion expert of Microfinanza expresses, “Microfinanza is thrilled to announce the signing of this Cooperation Protocol, which establishes a strategic partnership with Cash for Microfinance, an innovative and mission-oriented financial institution founded in Upper Egypt. This collaboration is intended to boost financial services for Egypt’s entrepreneurs and start-ups. Through this cooperation, Cash for Microfinance and Microfinanza look forward to offering effective financial solutions and unleashing the full potential of Egyptian companies and communities.”