The Saudi Arabia Grant Management Committee signed several financing agreements to contribute to financing Egyptian small, medium and micro enterprises (SMMEs) for an estimate of EGP300 million (around $20 million), Arab Finance reports.
The funding will be made through three Egyptian agents namely the Industrial Development Bank with EGP100 million, Banque du Caire with EGP 100 million and Enmaa Finance Company also with EGP 100 million.
The deal signed with the Industrial Development Bank, Arab Finance notes, aims to finance a program to purchase new easy interest rates directed to Upper Egypt and other regions most in need, especially for micro-enterprises closest to growth to small enterprises.
It also, the media adds, aims to finance the clean energy program by designing banking products and credit programs that are commensurate with the next phase of the sustainable energy strategy, which contributes to removing financing obstacles to the spread of clean energy systems and its impact on the environment.
The kingdom through Enmaa Finance, will finance, support and develop specialized financing programs through financial leasing activity with a focus on the medical sector.
The third agreement, with Banque du Caire, targets micro-enterprises with economic activities that operate in the formal and informal productive, industrial, commercial and service sectors and the related activities and self-employed persons.
The kingdom is the second largest foreign investor in Egypt with investments exceeding US$6 billion distributed across more than 500 investment projects, Egyptian Minister of Trade and Industry, Nevine Gamea said in June.
Saudi Arabia to provide financial support for Egyptian SMEs
