SFD Grant Committee to Egypt Co-sign Agreements with 3-Egyptian Banks

Saudi Fund for Development (SFD) Management Committee of the Kingdom of Saudi Arabia Grant to Egypt, co-signed financing agreements to contribute to the financing of micro, small and medium enterprises, with a value of 300 million, as 100 EGP Pounds with the Industrial Development Bank, 100 million EGP Pounds with Banque du Caire and 100 million EGP Pounds with Enmaa Finance company.

The financing agreement signed with the Industrial Development Bank aims to finance a program to purchase new and used machines and equipment, through the bank allocating a package of distinctive banking products, at easy interest rates that are directed to Upper Egypt and the most needy areas, in particular micro-enterprises closest to the growth stage to the category of small projects, including contributing to making a qualitative leap to combat unemployment and increase development rates, in those areas.

It also aims to finance the clean energy program by designing banking products and credit programs, that are commensurate with the next stage, in terms of the sustainable energy strategy, contributing to removing financing obstacles to the spread of clean energy systems and its reflection on the the environment.

On the other hand, the financing agreement signed with Enmaa Finance aims to finance the program to support and develop new small and medium enterprises or the expansion of existing projects, and to support and develop specialized financing programs, through the activity of financial leasing, with a focus on the medical sector.

While the financing agreement signed with Banque du Caire targets micro-enterprises with economic activities that operate in the formal and informal productive, industrial, commercial and service sectors and the related activities and self-employed persons.