Saudi-Egyptian Committee Launches Website to Finance MSMEs

Saudi-Egyptian Committee Launches Website to Finance MSMEs

The Egyptian-Saudi Joint Committee for the Development of Micro, Small, and Medium Enterprises (MSMEs) launched a website to showcase its efforts, as part of $200 million Saudi grant.

The grant is dedicated to supporting the state's efforts to bridge the gap between financial institutions and MSMEs and enable their access to financing through intermediaries.

The launch coincided with the International Day of Micro, Small, and Medium-sized Enterprises that falls on June 27 and which was declared by the UN General Assembly to raise public awareness of their contribution to sustainable development and the global economy.

The website also provides a clear structure for intermediaries who require funding and would want to benefit from the grant through applying to the committee.

The launch was attended by the Egyptian Minister of International Cooperation Rania al-Mashat, and head of Saudi committee Hassan al-Attas, along with a number of officials from both countries.

Mashat praised the distinguished Egyptian-Saudi strategic relations, which are reflected in the development financing offered for several projects across various sectors.

The bilateral partnership includes the King Salman Program for the Development of the Sinai Peninsula, in addition to the grant offered for the development of MSMEs, which capitalize on the national and global sustainable development framework,