Egypt signs two deals with Saudi grant committee

CAIRO – 10 November 2017: Investment and International Cooperation Minister Sahar Nassr on Friday signed two agreements with a Saudi grant committee that will contribute to financing small-sized businesses and possession of cars in the participatory transport system in Egypt.

The 250 million pounds worth agreements come as part of efforts to activate a new investment law, the Investment and International Cooperation Ministry said in a statement.

The first deal, worth 150 million pounds, was signed with Hassan Al Attas of the Saudi grant committee and Mohamed Hani Seif Al Nassr, chairman of the Inmaa Financial Leasing, to finance small businesses in Egypt.

The second deal, worth 100 million pounds, was inked with the Saudi committee and a subsidiary of EFG Hermes which will contribute to financing possession of cars in the participatory transport system.