Cairo – Mubasher: The Saudi Grant Management Committee's board of directors approved a decision to finance five new projects in Egypt with a funding of EGP 200 million as part of the Saudi grant of $200 million, the Egyptian minister of international cooperation Rania Al-Mashat said.

The to-be-financed projects are three by the Agricultural Bank of Egypt and two in the healthcare sector and value chain support, Al-Mashat added in a statement on Sunday.

The Agriculture Bank of Egypt will obtain EGP 100 million to finance three projects in coordination with the Ministry of Agriculture to develop rural villages, finance the value chain programme, and finance the manufacturing of dairy products.

Moreover, Contact Leasing will receive EGP 50 million to support the healthcare sector, while UE Finance will secure EGP 50 million to support value chains and provide logistic support to small- and medium-sized enterprises (SMEs).

It is noteworthy to mention that Saudi Arabia has so far financed a total of 2,176 projects in 27 Egyptian governorates under its grant of $200 million.

These projects have contributed to creating about 12,000 jobs, Al-Mashat revealed.