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The funding to Egyptian businesses is expected to boost job creation
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The funding will also go towards purchasing factory machinery and medical equipment
Small and medium-size enterprises in Egypt will receive a big boost from Saudi Arabia in more than $17.25 million funding, allowing them to stay afloat. This was disclosed by Rania Al-Mashat, the Egyptian minister of international cooperation, on Sunday.
The announcement came after three days of meetings in Cairo between the ministry and the Saudi Arabia’s Grant Management Committee. According to Arab News, the committee decided that Banque Misr would receive 70 million pounds from the grant’s funds to finance the purchasing of factory machinery, transportation and medical equipment, and devices for laboratories and hospitals.
The Industrial Development Bank was granted 100 million pounds to finance clean energy and to purchase additional equipment. Additionally, the Bank of Cairo was granted 100 million pounds to finance microenterprises.
Al-Mashat said the grant aims to support the development of SMEs in Egypt and to be a catalyst for job creation. In total, the Saudi Arabia Grant Management Committee has awarded 1.5 billion pounds to support the financing of 2,500 projects in 27 Egyptian governorates.