Arab News, Monday, Jan 03, 2022 | Jumada Al-Uola 28, 1443
Saudi Fund for Development signs SME financing agreements in Egypt
Saudi Arabia:
The Saudi Fund for Development, known as SFD,
signed multiple financing agreements in Egypt with the Industrial Development
Bank, Banque du Caire and Enmaa Finance Company.
The total value of the agreements is 300 million
Egyptian pounds ($19 million), intended to finance small, medium and micro
enterprises in the Upper Egypt region.
Following meetings in Cairo, the financing is
expected to contribute to lowering the unemployment rate, increase the rates of
development in the region.
It will also target clean energy, as well as the
medical, services and industrial sectors.
The development of joint economic relations
between Egypt and other Arab countries aligns with the ministry’s overall
strategic aim at consolidating economic relations in various fields, the
minister of international cooperation, Rania Al-Mashat, said.
Al-Mashat also praised the strategic
Egyptian-Saudi relations, reflected by the program of King Salman bin Abdulaziz,
intended to enhance the state’s efforts to develop the Sinai Peninsula.
So far, the total funding provided by the Saudi
Arabia Grant Management Committee to Egypt is 1.5 billion Egyptian pounds.
This money has helped to finance 2,550 projects in
27 governorates, generating around 13,000 jobs in the development sectors.