Saudi Arabia provides Egypt US$1.5b-worth grants to 3,524 schemes

Saudi Arabia provides Egypt US$1.5b-worth grants to 3,524 schemes

The total funds provided by the Saudi Arabia Grant Management Committee (SAGMC) hit US$1.5 billion for funding projects in 27 governorates across Egypt, a report by the Ministry of International Cooperation said.

The projects help in generating about 17,000 job opportunities in the sectors of industry, agriculture, livestock, healthcare, and trade, in addition to the industrial sector.

The report published by the ministry reviewed current efforts to upgrade the micro, small, and medium-sized projects through a Saudi grant worth US$200 million.

The agreement shows the sustainable cooperation between the committee and the agency, as this is the third agreement to be signed between both parties following two financing agreements worth LE350 million.

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