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Egypt, Saudi Arabia ink EGP 125m financial leasing deals

Egypt, Saudi Arabia ink EGP 125m financial leasing deals
The three deals were signed with EFG Hermes Leasing, Global Lease, and UI Finance

Cairo – Mubasher: Egypt’s minister of investment and international cooperation Sahar Nasr has signed three financing agreements at a combined value of EGP 125 million with the Saudi Grant Committee affiliated to the Saudi Fund for Development (SFD).

The three deals were signed with EFG Hermes Leasing, Global Lease, and UI Finance, Nasr said in a statement on Wednesday.

This move is part of the investment and international cooperation ministry’s efforts to support micro-, small-, and medium-sized enterprises (MSMEs), she noted.

Under the first agreement, the Saudi Grant Committee will provide EFG Hermes Leasing with EGP 75 million finance, 50% of which will be directed to the agricultural and livestock sectors.

In addition, Global Lease and UI Finance will obtain EGP 25 million each from the Saudi Grant Committee.