Saudi Arabia Grants 1.5 Billion Egyptian Pounds to Fund Over 3,500 Projects in Egypt

Egypt’s Minister of International Cooperation, Rania Al-Mashat, announced on Tuesday that the Saudi Arabia Grant Management Committee (SAGMC) has provided a total of 1.5 billion Egyptian pounds to finance 3,524 projects across 27 governorates in Egypt.

The Saudi grant has been channeled through various intermediaries, with notable institutions such as the National Bank of Egypt (NBE), the Agricultural Bank of Egypt, the Industrial Development Bank, and the MSMEDA being among the recipients, according to the statement.

Both Egypt and Saudi Arabia are jointly working to support small and medium enterprises by providing direct and indirect funding through banks and intermediaries. The ultimate goal of these efforts is to foster inclusive, sustainable economic growth and create employment opportunities, especially for the country’s youth.

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