The meeting addressed ways to support the extended strategic cooperation relations between Egypt and Saudi Arabia at all levels, in light of the compatibility in visions between the two countries regarding the development agendas. The Minister explained that the economic cooperation between Egypt and Saudi Arabia covers a variety of mechanisms, including the agreed-on grant worth $200 million and the $1.9 billion ongoing development cooperation portfolio with the SFD. Al-Attas noted that Saudi Arabia's investment in Egypt has reached $30 billion across 6,000 companies that support development efforts carried out by the Government of Egypt. The Saudi Arabia’s grant, allocated to supporting Egypt’s MSMEs force and managed through the joint committee that includes the aforementioned parties, is one of the most prominent forms of cooperation between the two countries. The grant plays a vital role in bridging the financing gap between financial intermediaries and MSMEs, as small businesses play a crucial role supporting the country’s economic growth.

Source: Egypt Today July 08, 2021 18:11 UTC