Beltone Holding has reached a significant milestone through its subsidiary, Beltone SMEs, by doubling its paid-in capital from EGP 250 mn to EGP 500 mn, Invest-Gate reports.

This move underscores the company’s strategic dedication to expanding its operations and bolstering Egypt’s vibrant small and medium enterprises (SME) sector.

Following the final endorsement from the Financial Regulatory Authority (FRA) for its SME finance license in August 2024, Beltone SMEs has seen remarkable growth, with its portfolio surpassing EGP 400 mn. This has facilitated financial assistance to over 40 factories, empowering them to enhance production capacities and venture into new export markets. This positions Beltone SMEs as a key player in Egypt’s SME financing arena, providing crucial financial backing to foster growth and innovation.

Ashraf Abdel Fattah, CEO of Beltone SMEs, highlighted the company’s ambitious expansion plans, stating, “We are poised to achieve a portfolio worth EGP 1 bn by the close of 2024. The increased paid-in capital amplifies our capacity to intensify support for the SME sector, a pivotal driver of Egypt’s economic advancement.”

It is noteworthy that Beltone SMEs obtained preliminary approval for its establishment from the FRA in January 2024, in accordance with Law No. 141 of 2014 and the FRA Board of Directors’ Decision No. 164 of 2020. The company remains steadfast in its commitment to delivering tailored financial solutions to SMEs, recognizing their fundamental role in Egypt’s economic progress.