Minister of International Cooperation: 12 entities benefit from Saudi Arabia's grant of EGP1.5 bn

The Ministry of International Cooperation presented an overview of the ongoing efforts to develop the small, medium, and micro-enterprise sector through the Saudi Arabian grant of $200 mn. This grant is a major component of the development cooperation between Egypt and Saudi Arabia.

The aim is to provide direct and indirect financing to banks and intermediaries for small, medium, and micro-enterprise projects, fostering comprehensive and sustainable growth and creating job opportunities for the youth.

The grant management committee inspected real-life implementations of small and micro-enterprise projects in Cairo and Port Said, highlighting their importance in generating employment opportunities, encouraging innovation, and promoting local manufacturing.

Since its inception, the grant management committee has provided EGP 1.5 bn to finance 3524 projects across 27 governorates, creating around 17,000 job opportunities. These projects cover various developmental sectors, including industry, agriculture, animal wealth, healthcare, solar energy, and commerce.

Notable beneficiaries of the grant's funding include the National Bank of Egypt, Agricultural Bank of Egypt, Cairo Bank, Industrial Development Bank, and the Small, Medium, and Micro Enterprise Development Agency.

The commercial, agricultural, animal wealth, and industrial sectors have been the major beneficiaries of the funding, supporting over 1384, 897, 723, and 357 projects, respectively. Additionally, 107 projects were supported in the healthcare sector.

Small projects received the most funding, with 2087 projects financed, followed by micro-enterprise projects with 1350 projects.

Minister of International Cooperation, Rania El Mashat, praised the Egyptian-Saudi partnership for its contributions to comprehensive development efforts in Egypt. She highlighted that the grant for small, medium, and micro-enterprise projects is just one aspect of the multi-faceted cooperation between the two countries, including vital projects such as the Sinai Peninsula development program, King Salman University, residential and agricultural communities, water and sanitation projects, and others that reflect the strength and resilience of the bilateral relations.

Recently, El Mashat witnessed the signing of a financing agreement worth EGP150 mn between the grant management committee and the Small and Medium Enterprise Development Authority.

This funding aims to support industrial projects in all governorates and focuses on the Value Chain to ensure the supply of raw materials and essential requirements for production and to guarantee the products' delivery to consumers, ensuring the sustainability and expansion of these projects.