Means of boosting development co-operation and expanding joint projects were at the core of talks held on Tuesday between Egypt’s Minister of Foreign Affairs, International Co-operation, and Egyptian Expatriates, Badr Abdelatty, and Saudi Fund for Development (SFD) Chief Executive Sultan bin Abdulrahman Al-Marshad.
The two sides highlighted the deep-rooted historical and fraternal ties between Egypt and Saudi Arabia and the importance of enhancing development co-operation in line with the two countries’ commitment to Arab co-operation and integration.
Abdelatty reaffirmed Egypt’s full solidarity with Saudi Arabia and its support for the Kingdom in confronting recent developments targeting its security and stability.
The foreign minister lauded the fund’s development role and contributions to financing key projects in Egypt, particularly in infrastructure and support for micro, small and medium-sized enterprises (MSMEs).
Such financing helps create jobs and stimulate economic activity, he stressed.
The chief diplomat also voiced Egypt’s interest in expanding co-operation with the fund in sectors of mutual priority to promote sustainable and inclusive economic growth.
The meeting addressed current economic and geopolitical challenges amid escalating regional tensions, which are placing additional pressure on developing economies, supply chains and financing costs.
Abdelatty stressed the importance of enhancing the role of Arab development and financing institutions in providing flexible financing mechanisms to support economic stability, help regional economies withstand crises and advance sustainable development.
For his part, the SFD’s chief, Al-Marshad, reaffirmed the fund’s commitment to continuing support for development efforts in Egypt and strengthening co-operation with the Egyptian side.
