Egypt’s Young Entrepreneurs to Benefit from $6.4 Million Grant from Saudi Grant Management Committee

The Saudi Grant Management Committee has awarded $6.41 million (EGP 100 Million) to the Bank of Alexandria in an attempt to support both SMEs as well as back local Egyptian artisans. The bank has estimated that, through this grant, they will be able to support 1475 beneficiaries, of which 30% will be women-owned and 45% will be owned by those under the age of 35. This is in order to promote an equitable and inclusive economy that aligns with Egypt’s progress towards the UN Sustainable Development Goals.

This grant will be a part of the Egyptian Ministry of International Cooperation’s Global Partnerships narrative, which is defined by the triple-Ps: people at the core, projects in action, and purpose as the driver. Each of these focus areas help to drive projects forward and ensure they are in alignment with the Ministry’s overall strategic mission.

The belief behind ‘people at the core’ is a simple one: ensuring that Egyptians are centered in the work and ensuring that local artisanal craftsmanship is supported. Given the global demand for sustainable, quality products this grant will be crucial in stimulating the artisan economy in country.

Next is ‘projects in action’, a tenet that highlights the successful cooperation between Egypt and the Kingdom of Saudi Arabia. Saudi Arabia has committed to several development projects here in Egypt, which vary in focus from supporting small and medium enterprises to further development of the Sinai Peninsula.

Finally, ‘purpose as the driver’ reminds us that this work is global and fits into a larger vision of reduced inequity, gender equality and partnerships. This grant specifically focuses on making progress towards Sustainable Development Goals 5 (gender equality), 8 (decent work and economic growth through job creation and access to financial services, 10 (reducing inequalities), and 17 (partnerships to achieve the goals).