Saudi Arabia Funds Development Projects in Egypt
Saudi Arabia has signed three agreements to finance a range of industrial development projects in Egypt, the Saudi Press Agency reported.
The Saudi Fund for Development (SFD) will pump 7 million dollars (125 million Egyptian pounds) into renewable energy, agriculture and livestock projects outside Greater Cairo and Alexandria.
The signing ceremony took place at the headquarters of the Egyptian Ministry of Investment and International Cooperation in Cairo, in the presence of Egyptian Minister of Investment and International Cooperation Dr. Sahar Nasr, Egyptian Minister of Transport Lieutenant General Kamel Al-Waziri, and Saudi Ambassador to Cairo Osama bin Ahmed Nuqali.
The agreements included the signing with EFG Hermes for Leasing, a subsidiary of EFG Hermes Finance, UE Finance, a microfinance company, and Global Lease company.