Beltone Capital, CRIF sign JV deal to expand rating solutions in MENA

Updated 12/9/2024 8:36:00 AM

Arab Finance: Beltone Capital, a subsidiary of Beltone Holding, has signed a joint venture (JV) agreement with CRIF to launch a new entity that provides a holistic set of rating solutions in the Egyptian market, according to a press release.

The newly launched company, which is expected to scale up business into the MENA region, will commence operations upon receiving the final approval from the Financial Regulatory Authority (FRA).

In accordance with the stipulations outlined in the FRA’s Decision No. 151 of 2023, the joint entity will provide comprehensive services, including debt capital market instrument ratings, SME and corporate borrower ratings, and non-banking financial institution (NBFI) portfolio ratings.

It will also offer ESG services, unsolicited ratings, and onboarding technology for lenders.

Carlo Gherardi, Chairman at CRIF, stated: “Partnering with Beltone aligns with our vision to generate value and create new opportunities by providing reliable ratings, business information services, and cutting-edge solutions.”

“We will deliver unmatched services that combine CRIF’s credit rating track record with Beltone’s on-ground knowledge and data-driven approach,” Dalia Khorshid, Group CEO and Managing Director of Beltone Holding, highlighted.

EGX-listed Beltone is one of the market leaders in the financial services sector in the MENA region. The company recorded consolidated net profits after minority shareholders’ rights valued at EGP 1.130 billion in the first nine months of 2024.

Meanwhile, CRIF is a global company specializing in credit and business information systems, analytics, outsourcing, and processing services, as well as advanced digital solutions for business development and open banking.