Saudi grants EGP1.5 bn to 3,524 projects in Egypt – minister

Egypt’s Minister of International Cooperation Rania Al-Mashat said on Tuesday that total funds presented by the Saudi Arabia Grant Management Committee (SAGMC) reached 1.5 billion Egyptian pounds for financing 3,524 projects in 27 governorates across Egypt.

The most prominent intermediary bodies that obtained funds from the Saudi grant are the National Bank of Egypt (NBE), the Agricultural Bank of Egypt, the Industrial Development Bank, and the MSMEDA, the statement added.

The efforts of both countries aim to provide direct and indirect funding for banks and intermediaries to finance small, medium and small enterprises to promote inclusive, sustainable growth and employment opportunities for youth.