EGYPT – The government of Egypt has secured a total of US$12.37million (LE 200 million) from the Saudi Arabia Grant Committee to finance projects in agriculture health and SME sectors of the economy.
Egypt’s minister of International Cooperation Rania al-Mashat said in a statement that three in the agricultural sector and two projects in the field of health care, and value chain support were approved for funding.
Mashat explained that the Egyptian Agricultural Bank will obtain LE 100 million (US$6.18 Million) to finance three projects in coordination with the Ministry of Agriculture.
The agricultural projects will be overseen by the Egyptian Agricultural Bank and will support food security and small farmers.
The projects include; a project to develop rural villages, a project for a value chain financing program, and a program for financing dairy products and dairy laboratories.
Mashat clarified that the three projects aim to provide financing for all small and micro projects in rural villages, targeting projects carried out by rural women and all handicrafts and activities aimed at achieving rural development.
The minister for International Cooperation explained that the project to support the health care sector will be carried out by the Contact Leasing Company at a cost of LE 50 million (US$3.09 million)
The fifth project according to Mashat would support value chains and provide logistic support for small and medium projects through financing for UE Finance at a value of LE 50 million.
Mashat revealed that the projects will be implemented in all parts of the country, with a focus on Upper Egypt’s governorates and other governorates outside Greater Cairo and Alexandria.
Furthermore, Minister Mashat stressed that the projects were approved at a time when the world celebrates these days the International Day for Small and Medium Enterprises.
She pointed out that Egypt attaches special importance to this type of projects and the government had since launched several initiatives and numerous programs to support this sector in cooperation with Egypt’s international partners.
This according to Mashat is due to the sector’s great role in driving economic growth, creating job opportunities and encouraging innovation.
She also praised the Egyptian-Saudi cooperation in supporting small and medium projects, pointing out that the management of the grant committee decided to maximize the benefit from it with the aim of diversifying the base of final beneficiaries through cooperation with new partners.
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