Saudi’s SFD inks $19mn deal to finance enterprises in Egypt

By Shilpa Annie Joseph, Official Reporter
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The Saudi Grant Management Committee of the Saudi Fund for Development (SFD) has signed three agreements worth $19 million (300 million Egyptian pounds) to contribute to the financing of small, medium, and micro-enterprises (SMEs) in Egypt.

According to the statement, “The agreements included $6 million (100 million Egyptian pounds) with the Industrial Development Bank, $6 million (100 million Egyptian pounds) with the Banque du Caire, and $6 million (100 million Egyptian pounds) with the Enmaa Finance Company.”

The agreements were signed at the end of three days of meetings at the Egyptian Ministry of International Cooperation in Cairo.

The signing ceremony was attended by the Head of the Saudi Grant Management Committee for Egypt Engineer Hassan Al-Attas, and Counselor Mohammed Al-Tamimi, deputizing for the Saudi Ambassador in Egypt, and Saudi Commercial Attaché in Cairo, Mr. Zayed Al-Asmari.

Dr. Rania Al-Mashat, Egypt’s Minister of International Cooperation, complimented the strong Egyptian-Saudi strategic connections, which are reflected in the supply of development funding for a variety of projects.

Dr. Al-Mashat emphasized Saudi Arabia King Salman bin Abdulaziz Al Saud program, which aims at enhancing the country’s efforts to develop the Sinai Peninsula, as well as the grant for small and medium enterprises (SMEs) development, adding that she is looking forward to opening new horizons for partnership with the Kingdom in the framework of supporting Egypt’s national development agenda.

Earlier this month, SFD inaugurated the completion of the Peradeniya-Badulla-Chenkaladi Road Project in the Democratic Socialist Republic of Sri Lanka, with a loan worth $60 million. The project will strengthen the country’s transport infrastructure, reduce traffic-related fatalities and injuries, and improve road safety.

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