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Thursday, 11 July 2019

Saudi Arabia signs EGP 125 mn-worth grants to support SMEs in Egypt

Saudi Arabia signs EGP 125 mn-worth agreements to support SMEs in Egypt: The Saudi Arabia Development Fund signed three agreements worth EGP 125 mn to provide funding to SMEs through local microfinance firms EFG Hermes Leasing, Global Lease and UI Finance, the Investment Ministry said in a statement. The first agreement entails granting EGP 75 mn in funding to EFG Hermes under the condition it allocates 50% of the amount to the agriculture and livestock sector. The two other agreements entail granting Global Lease and UI Finance EGP 25 mn each to use them to support SMEs in the renewable energy, health, industrial, agriculture and livestock sectors in southern and Delta governorates.

In other news from the kingdom: Egyptian exporters will now be required to use biodegradable plastic starting April 2020: Saudi regulators will begin in April 2020 requiring Egyptian exporters to package goods bound for the Saudi market using biodegradable plastic, head of Chamber Of Chemical Industries’ plastic division Khaled Abou El Makarem said, according to Al Shorouk. Egyptian factories will have to bear the added cost of up to 4% to add the 'd2w' additive to the plastic.

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