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Saudi Fund for Development Allocates EGP 300M to Finance SMEs in Sinai

Three seperate agreements have been struck, each one chanelling new funds into a a sweeping renaissance for the Sinai Peninsula.

The Saudi Grant Management Committee at the Saudi Fund for Development (SFD) has signed three agreements worth EGP 300 million to finance small, medium and micro-enterprises working towards the sweeping development of Egypt’s Sinai Peninsula.

The agreements have divided the total sum into three, with EGP 100 million channeled through the Industrial Development Bank, EGP 100 million through Banque du Caire, and EGP 100 million through Enmaa Finance Company.

The deals were signed during meetings in Cairo between SFD and the Egyptian Ministry of International Cooperation held during December 28th to 30th. No details have been announced yet on the particular sectors or projects that each of the three sectioned funds will target.