Egypt’s Beltone SME to launch EGP 1 bn investment fund in 2021
Beltone SME will launch a EGP 1 bn investment fund by the end of 2021, Beltone Financial Holding CEO Ibrahim Karam told Al Mal. The fund will spend the next year lining up commitments from investors and has already logged interest from both local and international institutions, Karam said. Beltone SME, set up in April, offers a revenue-based financing scheme for SMEs. It is currently working on financing 3-4 SMEs operating in the agricultural and industrial sectors, and aims to increase its capital to EGP 100 mn in the coming year.
Beltone SME is one of three non-banking financial services arms for which the parent company received licenses this year. These include its consumer finance arm Bel Cash, which is targeting a EGP 400 mn portfolio, and a financial leasing company eyeing a first-year portfolio of EGP 600 mn. Beltone expects non-banking financial services to contribute 30-40% of its revenue over the next three years. Beltone has been in search of new revenue streams after making losses for the past 2.5 years.
Check out our interview with Beltone SME co-founder and CEO Yehia Ashour as part of our Work From Home Routine series here.