2,176 projects in Egypt’s 27 governorates financed through Saudi grant

CAIRO – 4 June 2020: Minister of International Cooperation Rania Al-Mashat announced Thursday the financing of 2,176 projects so far in 27 governorates through the Kingdom of Saudi Arabia's grant of $200 million, which contributed to the creation of about 12,000 jobs.

Mashat added in a statement that the Kingdom of Saudi Arabia’s grant in Egypt contributed to achieving the goals of sustainable development and creating new job opportunities, stressing the importance of maximizing the benefit of Saudi grant projects by supporting small and medium projects in different governorates during the coming period.

This came during Al-Mashat’s meeting held via video conference with the Saudi Grant Management Committee to finance small, medium and micro projects in Egypt, which was formed in 2013 and is chaired by Hassan Al-Attas on the Saudi side and Ghadeer Hijazi, Assistant Minister on the Egyptian side.

She stated that every future project with the Saudi Grant Committee will be implemented within the framework of the new strategy of the new Ministry of International Cooperation, which focuses on 3 main axes: "the citizen is the focus of attention" and "ongoing projects" and "the goal which is the driving force" in order to highlight the partnership Development, in order to achieve sustainable development, which is a priority across all sectors.

She noted the importance of focusing on small and medium-sized enterprises in the agricultural sector due to its role in supporting food security for citizens, especially in light of the negative economic and social impacts of the emerging Corona virus.

She revealed that during the meeting, it was agreed to prepare for a meeting of the Saudi Grant Management Committee during the next stage, taking into consideration that the grant focuses on its future funds on small projects and innovative companies in the governorates most in need, especially in Upper Egypt.

For his part, Al-Attas stressed that during the coming stage, work will be done to maximize the Saudi grant projects in Egypt in light of the role that the grant plays in promoting development cooperation between Egypt and the Kingdom of Saudi Arabia.

The most important intermediaries through which the Saudi grant funds are provided to SMEs are the National Bank of Egypt and the Small, Medium and Micro Enterprise Development Agency.

Among the most prominent recipients of direct grant financing are EFG Hermes, Enmaa Ijara Company, Plus Leasing, ValU, Global Leasing Company, Finance Leasing, and UE Leasing Company.