Saudi Arabia, Egypt Sign Deals to Support Microfinance Projects

Saudi Arabia has signed a triple agreement to finance a range of industrial development projects in Egypt, the Saudi Press Agency reported. The Saudi Fund for Development (SFD) is to pump 125 million Egyptian pounds (SR28.2 million) into renewable energy, agriculture and livestock projects in the African nation.

Egyptian Minister of Investment and International Cooperation Dr. Sahar Nasr said the funding would provide vital support to small- and medium-sized projects and encourage young investors to play a greater role in economic development.