Saudi Arabia grants 100M EGP to boost enterprises in Egypt
Ahmed Kattan, Saudi ambassador to Egypt Ahmed Kattan - YOUM7 (Archive)

CAIRO: The Ministry of International Cooperation witnessed the signing of an agreement between the Saudi Arabia Grants Management Committee and Social Fund for Development of Egypt of 100 million EGP ($13.11 million) to boost small and medium enterprises in Egypt, said Ahmed Kattan, Saudi ambassador to Egypt, the embassy stated May 4.

Kattan added that a number of projects will be funded by this agreement, which will create job vacancies and boost small and medium enterprises in Egypt. The agreement is a part of the $200 million grant from Saudi Arabia to Egypt.

Saudi Arabia, along with other Gulf States except for Qatar, has supported Egypt since the ouster of former Islamist President Mohamed Morsi in July 2013 by the military following mass protests calling for the end of his rule.

Since the ouster, Saudi Arabia has financially assisted Egypt in cash, bank deposits, petroleum aid and investments worth at least $8 billion.

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