Cairo – Mubasher: Beltone Capital, a fully-owned subsidiary of Beltone Holding, has signed a joint-venture agreement with CRIF to expand rating solutions in the MENA region.
The two entities teamed up to launch a new entity offering a holistic set of solutions in the Egyptian market as well as the MENA region.
Upon receiving the final approval from the Financial Regulatory Authority (FRA), the new joint venture (JV) will offer debt capital market instrument ratings, SME and corporate borrower ratings, NBFI portfolio ratings, ESG services, and unsolicited ratings, among others.
Carlo Gherardi, Chairman of CRIF, stated: “This cooperation leverages our multi-decade experience in scoring and business information systems as we enter a rapidly-growing market with the perfect partners.”
Dalia Khorshid, Group CEO and Managing Director of Beltone Holding, commented: “Together, we will deliver unmatched services that combine CRIF’s credit rating track-record with Beltone’s on-ground knowledge and data-driven approach.”
In the first nine months (9M) of 2024, the EGX-listed company posted consolidated net profits after tax valued at EGP 1.20 billion, up from EGP 85.77 million in 9M-23.
