LE100M allocated to Empower Egyptian Women Artisans and Young Entrepreneurs: Al Mashat

Minister of International Cooperation, Dr. Rania Al-Mashat, announced that the Saudi Grant Management Committee is providing a grant worth 100 million pounds to the Bank of Alexandria to support the digitalization of small and medium enterprises and back local Egyptian artisans and craftsmen. 

 

This came during the committee’s 26th meeting that took place recently, chaired by Mrs. Ghadeer Hegazy, Assistant Minister of International Cooperation, and Hasan Al-Attas, director general of operation at the Saudi Fund for Development, as well as representatives of Bank of Alexandria.

 

People at the core- tapping on the potential of youth

 

The grant comes under the Ministry of International Cooperation’s Global Partnerships Narrative, which is defined by the triple Ps: people at the core, projects in action, and purpose as the driver. 

 

Under people at the core, the Minister asserted that the grant aims to revive local artisanship and reinvigorate the new artisan economy, which has become as increasingly important in the face of high global demand for high-quality, artisanal products that are also produced in a sustainable way. 

 

The grant also aims to strengthen the financing mechanisms for small, medium and micro-enterprises, as they are main the engines for job creation and taps on the talent and potential of Egypt youth. 

 

During the meeting, representatives of the Bank of Alexandria made a presentation on the financing programs that the bank targets, which includes 26 governorates, including Cairo, Alexandria and governorates in Upper Egypt through fixed assets financing and working capital.

 

The bank estimates that there will be around 1475 beneficiaries, including 30% for women-owned enterprises, and 45% for enterprises owned by people under the age of 35 to promote an inclusive economy.

 

Projects in action – fruitful partnerships 

 

Under projects in action, Al-Mashat praised the fruitful cooperation between Egypt and the Kingdom of Saudi Arabia, which has resulted in several development cooperation programs, including grants for small and medium enterprises, development projects for the Sinai Peninsula and other programs that reflect positively on Egypt’s development.

 

It is worth noting that the Saudi Arabia Grant Management Committee has funded 2,180 projects so far in 27 governorates, which have contributed to the creation of about 12,000 job opportunities under the $200 million grant was signed in 2016.

 

Purpose as the driver 

 

Committed to achieving the global goals, the project achieves the following targets: Goal 8 for decent work and economic growth through promoting job creation and access to financial services, Goal 5 for gender equality, Goal 10 for reduced inequalities, and Goal 17 for partnerships for the goals.