Saudi Grant Committee provides Egypt with EGP 200 mln to finance 5 projects to boost SMEs

Saudi Grant Committee provides Egypt with EGP 200 mln to finance 5 projects to boost SMEs

The Saudi Grant Management Committee's board has approved the financing of five projects in Egypt with a total fund of EGP 200 million ($12.375 million), Minister of International Cooperation Rania Al Mashat announced on Sunday.

Three of the projects are for the Agriculture Bank of Egypt (ABE), and the other two are in the healthcare and value chain support sectors.

The Committee was established in 2013 to support the SME sector in Egypt and is affiliated with the Saudi Fund for Development (SFD).

Under the new facility, the ABE will obtain EGP 100 million in order to finance three projects in cooperation with the agriculture ministry in food security and supporting small farmers, through which small and micro-sized projects can be boosted, according to the statement.

Meanwhile, EGP 50 million will finance a healthcare project that is implemented by Contact Company for Leasing Finance, and EGP 50 million will be allocated to provide logistical support for SMEs through the UE Finance Company, which will implement projects in Upper Egypt and other governorates outside Greater Cairo and Alexandria, according to the statement.

Without providing details, Al Mashat said that a project will be implemented between the two sides in light of