SAUDI ARABIA

Saudi fund signs three agreements to grant aid to Egypt

July 10, 2019
Saudi and Egyptian officials sign the aid agreements in Cairo.
Saudi and Egyptian officials sign the aid agreements in Cairo.

CAIRO — The Saudi Fund for Development (SFD) has signed three agreements within the framework of the Kingdom's grant to Egypt with a total amount of 125 million Egyptian pounds.

The signing ceremony took place at the headquarters of the Egyptian Ministry of Investment and International Cooperation in Cairo, in the presence of Egyptian Minister of Investment and International Cooperation Dr. Sahar Nasr; Egyptian Minister of Transport Lieutenant General Kamel Al-Waziri; and Saudi Ambassador to Egypt and Permanent Representative of Saudi Arabia to the Arab League Osama Bin Ahmed Nuqali.

The agreements were signed by Hassan Al-Attas, the head of the Saudi side of the Saudi Grant Management Committee for Egypt.

The agreements included the signing with EFG Hermes for Leasing, a subsidiary of EFG Hermes Finance, with an amount of 25 million Egyptian pounds; UE Finance, a microfinance company, with an amount of 25 Egyptian pounds; and Global Lease company, with an amount of 25 Egyptian pounds.

The funding will be directed towards micro and industrial projects outside Greater Cairo and Alexandria, in addition to financing new and renewable energy projects and the agricultural and livestock sector. — SPA


July 10, 2019
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