Beltone Holding announced on Monday that its fully-owned subsidiary, Beltone Capital, has entered into a joint venture agreement with CRIF, a global leader in credit bureau services, business information systems, analytics, outsourcing, and digital solutions. This partnership aims to launch a new entity offering a comprehensive range of rating services in the Egyptian market, with plans to expand into the broader MENA region. Pending final approval from the Financial Regulatory Authority (FRA), the new company will offer a wide array of services, including debt capital market instrument ratings, SME and corporate borrower ratings, NBFI portfolio ratings, ESG services, unsolicited ratings, and onboarding technology for lenders. Carlo Gherardi, Chairperson of CRIF, expressed enthusiasm about the collaboration: "Partnering with Beltone aligns with our vision to add value and open new opportunities by delivering reliable ratings and advanced business information services. This partnership leverages our extensive experience in scoring and information systems as we enter a dynamic and rapidly growing market." Dalia Khorshid, Group CEO and Managing Director of Beltone Holding, commented: "This partnership reinforces Beltone's commitment to providing the market with innovative, data-driven solutions. Together, we will offer unmatched services that combine CRIF's renowned credit rating expertise with Beltone's local knowledge and approach." The newly formed company will operate in accordance with the guidelines outlined in the Financial Regulatory Authority's Decision No. 151 of 2023, ensuring compliance with regulatory standards in Egypt and beyond.
