The Kingdom of Saudi Arabia has expressed confidence in the digital future of Egypt by providing one of its largest banks a $6.4 million grant.
According to the reports, this grant has been given to finance the digital transformation and encourage local crafts programs in Egypt.
Egypt’s Minister of International Cooperation, Rania Al-Mashat said that this monetary assistance will strengthen financing mechanisms to support small, medium, and micro-enterprises, and create employment opportunities.
The Saudi Arabia Grant Committee has funded 2,180 projects so far in 27 governorates, creating about 12,000 jobs.
Earlier in July this year, the government of Egypt has secured a total of US $12.37 million from the Saudi Arabia Grant Committee to finance projects in the agriculture health and SME sectors of the economy.
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.
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.
Rania al-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.