Saudi Arabia has, to date, provided a grant of $200m to 2,176 projects across 27 governorates in Egypt, according to Minister of International Cooperation Rania Al-Mashat.
The Saudi funding of the projects has helped create a total of 12,000 jobs in Egypt.
During a videoconference meeting held with the Saudi side, the minister pointed out that the grant has contributed to achieving sustainable development in Egypt.
She added that all future projects with the Saudi donors will be implemented as part of the Ministry of International Cooperation’s new plan that relies on three core aspects. These are built on making citizens the focus of attention, work on ongoing projects, and becoming target oriented.
During the meeting, the committee managing the grant has agreed to maximise grants to Egypt in the coming period through loans backed by the National Bank of Egypt (NBE) and the Micro, Small, and Medium Enterprises Development Authority (MSMEDA).
Other financial sector companies involved with this are EFG Hermes Financial Leasing, Enmaa Financial Leasing, Plus Leasing, ValU, Global Lease, and UE Finance.