Saudi Arabia’s EGP 1.5 bn grant contributed to financing 3,524 projects in 27 Egyptian governorates

09 / 08 / 2023

• news
• The New Republic

An EGP 1.5 billion grant  provided by the Saudi Grant Management Committee for the development of micro, small and medium sized enterprises (MSMEs) have contributed to financing 3,524 projects in 27 Egyptian governorates, resulting in approximately 17,000 job opportunities in various development sectors, including  the commercial, agricultural, livestock and industry sectors, according to a press release by the Egyptian Ministry of International Cooperation.

12 entities benefited from the financing – including Banque du Caire, the Agricultural Bank of Egypt, the Industrial Development Bank, the Social Fund for Development (SFD), and the National Bank of Egypt – in addition to the entities that directly benefited from the grant financing, such as EFG Hermes Leasing Company, Enmaa Finance Company, Plus Leasing Company, vaLU for installment sales services, Global Leasing Company, UE Finance, and Contact Leasing Company.

The commercial sector was at the forefront of the sectors benefiting from the financing, with more than 1,384 projects financed, followed by the ride-sharing transport sector with 897 projects, agriculture and livestock with 723 projects, industry with 357 projects, and healthcare with 107 projects. Small projects received the majority of the financing, with 2,087 projects financed, followed by micro-sized projects with 1,350 projects financed.

Minister of International Cooperation Rania Mashat applauded the efforts made in partnership with Saudi Arabia to support comprehensive development efforts in Egypt. She explained that the grant directed to MSMEs represents one of the multiple pillars of cooperation between the two countries. This cooperation is reflected in implementing and financing vital projects, topped by the Sinai Peninsula Development Program, the implementation of King Salman International University,  as well as residential and agricultural communities, support for the implementation of water and sanitation projects, and other projects that reflect the strength and durability of relations between the two countries.

It is worth mentioning that Mashat recently witnessed the signing of a financing agreement between the Saudi Grant Management Committee and the Saudi Fund for Development (SFD) worth EGP 150 million to contribute to financing MSMEs projects that support industrial projects in all governorates. In addition, this financing focuses on value chains intending to provide raw materials and various requirements necessary for production and ensure that products reach consumers, which guarantees the continuation and expansion of these projects.