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Egypt is a large consumer market, return of investment is still high: Al-Attas Saudi Fund for Development allocates $1.5bn for development projects in Sinai
The Saudi Fund for Development allocated $1.5bn, divided into two parts, to finance health and education projects in Egypt, as well as the establishment of a university in the name of King Salman, according to Hassan Al-Attas, director-general of operations of the fund. The remainder $750m will be used to purchase goods for the people of Sinai. Al-Attas told Daily News Egypt that the fund has identified the financing needs of projects in Sinai over the next two years, pledging to begin the procedures as soon as possible. He noted that Saudi Arabia will not give up on supporting Egyptians, especially as it is an attractive market for investing with high returns on investments, as Egypt being a consuming market. "We will do our best to implement the development projects in Sinai as soon as possible," he said. He explained that a $200m grant will be given to the Social Fund for Development for financing small and medium enterprises (SMEs) on 24 January, during the third meeting of the Egyptian-Saudi Coordinating Council. Egypt and Saudi Arabia formed a coordinating council after King Salman bin Abdul Aziz pledged to invest SAR 30bn ($8bn) in Egypt over the upcoming period. The council conducts studies on sectors and projects ready for investment in Egypt. According to Al-Attas, the Saudi fund, along with the rest of the Arab funds, has reviewed the plans of the Ministry of International Cooperation and identified the projects that comply with the fund's criteria. He noted that the procedures to begin implementing these projects are ongoing, and will be finalised soon. The past period has seen a clear convergence between Egypt and Saudi Arabia, wherein the coordination council has met three times to enhance the political, security, and economic cooperation between the two countries. Al-Attas said the fund will contribute to supporting the industrial zone in Bir al-Abd in Sinai, to support the government in the development of the peninsula. The Saudi Fund for Development aims to contribute to the financing of development projects in developing countries by granting loans to those countries and support their national non-oil exports through financing and guaranteeing exports. The fund has a capital of up to SAR 31bn, and has been working since March 1975.
