The Egyptian government signs an agreement with the Saudi Fund for Development and Egyptian investment bank NI Capital to establish a EGP-451-mn company aiming to support SMEs and foster innovation, Invest-Gate reports.

Minister of Investment and International Cooperation Sahar Nasr, Head of the Saudi Fund for Development Hassan el-Attas, and NI Capital Chief Executive Ashraf Ghazali have inked the agreement.

The company aims to draw investments to business incubators and venture capital funds to stimulate economic growth in Egypt, according to a released statement.

“The setting-up of the company comes as part of Saudi Arabia’s grant to Egypt to support companies that seek to achieve economic development,” el-Attas says, expressing optimism that the fund will provide job opportunities for young people and enable them to turn their ideas into reality.