The Saudi Fund is financing projects worth 300 million pounds in Egypt


At the conclusion of its meetings in Cairo, which took place over three days at the headquarters of the Egyptian Ministry of International Cooperation during the period from December 28-30, 2021, the Management Committee of the Kingdom of Saudi Arabia Grant to Egypt of the Saudi Fund for Development signed financing agreements to contribute to the financing of small, medium and micro enterprises with a value of 300 million pounds. , by EGP 100 million with the Industrial Development Bank, EGP 100 million with Banque du Caire, and EGP 100 million with Enmaa Finance Company.

The financing agreement signed with the Industrial Development Bank aims to finance a program to purchase new and used machines and equipment through the bank allocating a package of distinguished banking products at easy interest rates that are directed to Upper Egypt and the most needy areas, in particular micro-enterprises closest to the growth stage to the category of small projects, including It contributes to making a qualitative leap to combat unemployment and increase development rates in those areas. It also aims to finance the clean energy program by designing banking products and credit programs that are commensurate with the next stage in terms of the sustainable energy strategy, which contributes to removing financing obstacles to the spread of clean energy systems and its reflection on the The environment.

On the other hand, the financing agreement signed with Enmaa Finance aims to finance the program to support and develop new small and medium enterprises or the expansion of existing projects, and to support and develop specialized financing programs through the activity of financial leasing with a focus on the medical sector.

While the financing agreement signed with Banque du Caire targets micro-enterprises with economic activities that operate in the formal and informal productive, industrial, commercial and service sectors and the related activities and self-employed persons.

The signing of the agreements was attended by the head of the Saudi side in the Saudi Grant Management Committee for Egypt, Eng. Hassan Al-Attas, and on behalf of the Custodian of the Two Holy Mosques’ Ambassador to Egypt, Counselor Mohammed Al-Tamimi, and the commercial attaché in Cairo, Zayed Al-Asmari.

In today’s statement, the Egyptian Minister of International Cooperation, Dr. Rania Al-Mashat, praised the distinguished and strategic Egyptian-Saudi relations, which are reflected in the provision of development funds for projects in various fields, especially through the program of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, which enhances the state’s efforts to develop the peninsula. Sinai, as well as the Small and Medium Enterprises Development Grant, looking forward to opening new horizons for partnership with the Kingdom in the context of supporting Egypt’s national development agenda.

The Minister of International Cooperation said that boosting Egyptian joint economic relations with Arab countries is an essential part of the Ministry of International Cooperation’s work strategy, with the aim of consolidating economic relations in various fields.

It is worth noting that the total funding provided by the Saudi Arabia Grant Management Committee to finance small, medium and micro enterprises since the beginning of its work is about 1.5 billion pounds, which contributed to the financing of 2,550 projects in 27 governorates, generating about 13,000 jobs, in the development sectors represented in industry. Agriculture, livestock, healthcare, solar energy, in addition to the commercial sector.

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