Saudi Fund for Development signs SME financing agreements in Egypt

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.