Islamic Finance

Egypt, Saudi Arabia launch website for financing MSMEs

Published 29 Jun,2021 via Daily News Egypt - New website is part of International Cooperation Ministry’s Global Partnerships Narrative, aims to introduce Saudi support to MSMEs, says Minister Rania Al-Mashat

The Egyptian-Saudi Joint Committee for the development of Micro, Small and Medium-sized Enterprises (MSMEs) has launched a website to present its efforts in financing Egypt’s MSMEs.

These efforts have been supported by Saudi Arabia’s $200m grant dedicated to support Egypt’s efforts to close the gap between financial institutions and MSMEs. The grant also aims to facilitate their access to finance through financial intermediaries.

The website additionally provides a clear structure for intermediaries who require funding, and would want to benefit from the grant through applying to the committee.

Rania Al-Mashat, Minister of International Cooperation, said that the website showcases the latest activities carried out by the joint committee and the intermediaries benefiting from the funds, in addition to the achievements made through the grant.

It also shows ways through which intermediaries benefit from the grant, which is considered one of the most prominent examples of partnership between Egypt and Saudi Arabia.

Minister Al-Mashat praised the distinguished bilateral strategic relations, which are reflected in the development financing offered for several projects across various sectors.

The partnership includes the King Salman Program for the Development of the Sinai Peninsula, in addition to the grant offered for the development of MSMEs. Together, these capitalise on the national and global sustainable development framework.

The minister is looking forward to opening new horizons of partnerships with Saudi Arabia to achieve mutual progress for both countries.

She said that Saudi Arabia’s grant plays a vital role in closing the financing gap between lenders and MSMEs in light of the paramount importance of these projects for Egypt’s economy, as a potential force supporting the growth of the economy.

She pointed out that the Ministry of International Cooperation is keen to make use of the multilateral and bilateral partnerships in order to harness all the potential for the development of the MSMEs sector.

Saudi Arabia’s grant has funded 2,500 MSMEs so far through financial intermediaries across Egypt, with these projects having contributed to creating over 12,000 job opportunities. The committee aims during the coming period to expand and reach the largest number of beneficiaries, such as project’s owners.

The current portfolio of cooperation between Egypt and the Kingdom of Saudi Arabia amounts to $1.9bn, managed through the Saudi Fund for Development (SFD). A development financing worth $1.5bn is earmarked for the development of the Sinai Peninsula projects.

These projects include the King Salman University, several housing complexes, the development of roads, and wastewater management and water desalination plants.

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