Supervised by Mr Ambassador of the Custodian of the Two Holy Mosques and the Ministers of Investment and Transport .. The Saudi Fund for Development signed 3 agreements to grant Egypt LE125 mln
Ashraf Abo Arafe
The Saudi Fund for Development in Cairo yesterday signed three agreements in the framework of the Saudi Arabia grant to the Arab Republic of Egypt with a total value of 125 million Egyptian pounds.
The signing ceremony was held at the headquarters of the Egyptian Ministry of Investment and International Cooperation, in the presence of the Custodian of the Two Holy Mosques Ambassador to Egypt, the Permanent Representative of the Kingdom of Saudi Arabia to the League of Arab States Osama bin Ahmed Noqali, the Minister of Investment and International Cooperation Dr. Sahar Nasr and the Minister of Transport Admiral Kamel Alwazeer.
The agreements were signed by the Saudi Fund for Development, Engineer Hassan Al-Attas, the head of the Saudi side in the Saudi Grant Management Committee for Egypt.
The agreements included the signing of EFG Hermes with EFG 75 million, a subsidiary of EFG Hermes, UE Finance, a 25 million pound microfinance company, Global Lease, One of the companies operating in the field of financial leasing in the Egyptian market for 25 million pounds, and will be directed to finance projects aimed at micro and industrial outside of Greater Cairo and Alexandria, in addition to financing new and renewable energy projects and the agricultural sector and livestock.
The Ambassador of the Custodian of the Two Holy Mosques to Egypt said, “the signing of the Saudi Fund for Development of these three financing agreements will benefit small and emerging finance projects in a number of Egyptian governorates.”
He stressed that these agreements are an expression of the bilateral relations between the two brotherly countries in all fields, with the support and patronage of the Custodian of the Two Holy Mosques King Salman Bin Abdul Aziz Al Saud and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Deputy Prime Minister and Minister of Defense – may God preserve them – and His Excellency the President of the Arab Republic of Egypt Abdul Fattah al-Sisi.
The Ambassador also praised the efforts of the Saudi Fund for Development in supporting development projects in Egypt and in all countries where it provides services.
For his part, Eng. Hassan Al-Attas, head of the Saudi side of the Saudi Grant Management Committee for Egypt, said that the Saudi Fund for Development is proud of what has been achieved over the past three years and what has been achieved in terms of creating many job opportunities and supporting small and emerging industries. To establish incubators for the work to adopt the ideas of youth and graduated from these incubators companies medium and large.
The representatives of the three companies signed with them expressed their deep thanks to allow their companies to benefit from the amounts of this grant to expand the base of beneficiaries and spread them in areas most in need, looking forward to broader cooperation in the coming period.
