Int’l Cooperation: Saudi grants worth dlrs 1.5 bn to 3,524 projects in Egypt

The Ministry of International Cooperation said on Tuesday that total funds presented by the Saudi Arabia Grant Management Committee (SAGMC) reached US$1.5 billion for financing 3,524 projects in 27 governorates across Egypt, generating about 17,000 job opportunities in the sectors of industry, agriculture, livestock, healthcare, trade, in addition to the industrial sector.

This came in a report released by the Ministry of International Cooperation to review current efforts to upgrade the micro, small and medium-sized projects through a Saudi grant worth dlrs 200 million.

It is worth noting that the aforementioned agreement represents a continuation of the cooperation relations between the committee and the agency, as this is the third agreement to be signed between the two following two financing agreements worth LE350 million.

The Ministry said that among the most prominent intermediary bodies that obtained funds from the Saudi grant are the National Bank of Egypt, the Agricultural Bank of Egypt, the Industrial Development Bank, and the MSMEDA.

That is in addition to the beneficiaries of direct grant financing, the most prominent of which are the EFG Hermes Leasing Company, Enmaa Finance Company, Plus Leasing Company, and Value Company for Installment Sales Services, Global Lease Company for Financial Leasing, UE Finance Company for Financial Leasing, and Contact Company for Financial Leasing.

Minister of International Cooperation Rania Al-Mashat has recently witnessed the signing of a financing agreement between the Saudi Grant Management Committee and MSMEDA, at a value of LE150 million, to contribute to the financing of MSMEs, on the sidelines of the committee’s meetings in Cairo that were held over the course of three days, at the headquarters of the Ministry of International Cooperation from 11 to 13 June 2023.

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