Egypt and Saudi Arabia signed on Friday two agreements with a total value of LE 250 million to finance Egyptian entrepreneurship and car ownership in the ride-sharing sector, Saudi state Press Agency reported on Monday.
According to a statement issued by the Ministry of Investment and International Cooperation, the first agreement, worth LE 150 million, was signed between the Ministry, the Saudi Grant Committee and the Enmaa Company.
The second agreement, worth LE 100 million, was signed between the Ministry and a subsidiary of EFG Hermes, with the presence of representatives from ride-sharing companies Uber and Careem.
The projects are part of the implementation of Egypt’s new investment law and aims to create job opportunities and support entrepreneurship and small investors, read the statement.
Minister of Investment and International Cooperation Sahar Nasr said that the Ministry intends to cooperate with Egypt’s development partners and the private sector in order to support entrepreneurs, which is not limited to financing but also includes vocational training.