At the conclusion of its meetings in Cairo, which took place over three days at the headquarters of the Egyptian Ministry of International Cooperation in the period 28-30 December 2021, the Management Committee of the Kingdom of Saudi Arabia Grant to Egypt of the Saudi Fund for Development has signed financing agreements to contribute to the financing of small, medium and micro enterprises for a value of 300 million pounds, equal to 100 million pounds with Industrial Development Bank, 100 million pounds with Cairo Bank and 100 million pounds with the Enmaa Finance Company.
The loan agreement that was signed with the Bank Industrial development Financing a program for the purchase of new and used machinery and equipment By attributing to the category of small projects a package of distinct bank products at subsidized rates that are directed towards Upper Egypt and the areas most in need, in in particular the micro-enterprises closest to the growth phase, which contributes to a qualitative leap to combat unemployment and increase in development rates in those areas. It also aims to finance the clean energy program by designing banking products and credit programs commensurate with the next phase of the sustainable energy strategy, which helps to remove financial obstacles to the deployment of clean energy systems and its impact on the environment.
The financing agreement signed with Enmaa Finance, on the other hand, aims to finance the support and development program for new small and medium-sized enterprises or the expansion of existing projects, and to support and develop specialized financing programs through financial leasing. with focus on the medical sector.
While the financing agreement signed with Banque du Caire is aimed at micro-enterprises with economic activities that operate in the formal and informal productive, industrial, commercial and services sectors and related activities and self-employed workers.
The signing of the agreements was attended by the head of the Saudi side in the Management Committee of Saudi Subsidies for Egypt, Ing. Hassan Al-Attas, and on behalf of the ambassador in Egypt of the Guardian of the Two Holy Mosques, the councilor Mohammed Al-Tamimi, and the commercial attaché in Cairo, Zayed Al-Asmari.
In a statement, the Egyptian Minister of International Cooperation, Dr. Rania Al-Mashat, praised the distinct and strategic Egyptian-Saudi relations, which are reflected in the provision of development funds for projects in various fields, in particularly through the program of the Keeper of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, which strengthens the state’s efforts for the development of the Sinai Peninsula, as well as the subsidy for the development of small and medium-sized enterprises, in looking forward to opening up new horizons for partnership with the Kingdom under the support of Egypt’s national development program.
The Minister of International Cooperation affirmed that the strengthening of Egyptian joint economic relations with Arab countries is an essential part of the work strategy of the Ministry of International Cooperation, with the aim of consolidating economic relations in various fields.
It is worth noting that the total funding provided by the Saudi Arabia Grant Management Committee to finance small, medium and micro enterprises since the beginning of its work is around £ 1.5 billion, which has contributed to the financing of 2,550 projects. in 27 governorates, generating about 13,000 jobs, in the development sectors represented in industry: agriculture, livestock, health, solar energy, as well as the commercial sector.
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