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Dalia Khorshid leads Beltone in securing $20 million in green funding

Beltone secures $20 million from SANAD and GGF to fund MSMEs and green projects, deepening its sustainability push under Dalia Khorshid’s leadership.

Dalia Khorshid leads Beltone in securing $20 million in green funding
Dalia Khorshid

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Key Points

  • Beltone raised $20 million from impact funds SANAD and GGF to expand financing for MSMEs and renewable energy projects across the MENA region.
  • The funds, split evenly, support financial inclusion and energy efficiency, aligning with Egypt’s Vision 2030 and Beltone’s sustainability strategy.
  • Strong Q1 earnings and asset growth reflect investor confidence, as Beltone’s consolidated revenue jumped 120%, fueled by interest income and lending expansion.

Beltone Holding, the Cairo-based financial services group led by Egyptian business executive Dalia Khorshid, has secured $20 million in fresh funding for its non-bank subsidiary, Beltone Leasing and Factoring. The fresh financing comes from two prominent Germany-based impact investment funds—SANAD Fund for MSME and the Green for Growth Fund (GGF)—marking another step in Beltone’s regional push for sustainable finance and economic empowerment.

Fueling MSMEs and green growth in MENA

The funds, equally split at $10 million each, will be deployed over a five-year tenor to deepen financial inclusion and accelerate climate-friendly initiatives. SANAD’s funding will support micro, small, and medium-sized enterprises (MSMEs) and low-income communities across the MENA region, while GGF’s share is earmarked for financing renewable energy, energy efficiency, and sustainable resource initiatives. 

Beltone described the transaction as a key milestone in its broader strategy to drive environmental sustainability and social impact, in alignment with Egypt’s Vision 2030. It also reinforces the company’s expanding presence in non-bank financial services under the transformative leadership of Dalia Khorshid. 

“This funding enhances our ability to diversify our capital base and offer more competitive solutions to MSMEs, while supporting the shift to a greener economy,” said Amir Ghannam, Deputy Head of NBFIs. He added that the transaction boosts Beltone’s capability to respond to pressing economic and environmental challenges across the region.

Strategic financing underpins Beltone’s expansion

Earlier in April, Beltone completed its second capital increase, raising EGP10.5 billion ($205 million) with a 98 percent subscription rate. The strong investor turnout underscored confidence in the group’s performance and long-term strategy, positioning it to accelerate its regional expansion.

In the first quarter of 2025, Beltone’s consolidated revenue surged 120.37 percent to EGP3 billion ($59.3 million), up from EGP1.36 billion ($26.91 million) in the previous quarter. The growth was largely driven by a 115.58 percent jump in interest income, which reached EGP2.23 billion ($44.17 million), reflecting the continued strength of the company’s Investment Bank. Net profit also rose sharply, increasing 36.38 percent to EGP747.22 million ($14.77 million), compared to EGP547.89 million ($10.83 million) a quarter earlier.

Sustainable finance gains traction under Khorshid’s vision

Since Dalia Khorshid assumed leadership, Beltone Holding has rapidly evolved beyond its 2002 roots in investment banking, expanding into a broad range of financial services. The group now encompasses leasing, factoring, asset management, private equity, consumer and mortgage finance, and venture capital, positioning it as one of MENA’s most diversified financial services providers. 

Total assets grew by 46.49 percent to EGP49.44 billion ($975.67 million), up from EGP33.75 billion ($664.27 million), while total shareholders’ equity climbed 85.07 percent to EGP23.08 billion ($456.09 million), from EGP12.47 billion ($246.44 million) in the previous quarter. This latest deal with globally respected impact funds reinforces Beltone’s rising status on the international finance stage and highlights its commitment to sustainable development across the region.

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