Saudi fund for development allocates $200m for SMEs

International Cooperation Minister Sahar Nasr attended the signing ceremony of an agreement between the International Cooperation Ministry, the Social Fund for Development and the Saudi Fund for Development (SFD).

Under the agreement, the SFD will give a grant, worth 200 million dollars, for financing Small and Medium Enterprises (SMEs).

The Social Fund for Development will get the grant to use it in financing small projects, start-up companies and young innovators.

The grant aims to focus on financing projects in the governorates of North and South Sinai and Upper Egypt in order to attain economic empowerment for youths and contribute to achieving social and economic development, Nasr said in statements.

Secretary General of the Social Fund for Development Soha Seliman said that this cooperation came as a contribution to supporting the state's plan in developing Sinai Peninsula.