Bangkok:Minister of Foreign Affairs, International Cooperation and Egyptian Expatriates Badr Abdelatty commended the Saudi Fund for Development (SFD) for its significant role in supporting Egypt's development. He expressed appreciation for the fund's contributions to financing essential projects, especially in infrastructure and the support of micro, small, and medium-sized enterprises (MSMEs).

According to State Information Service Egypt, Abdelatty emphasized the importance of the fund's concessional financing to intermediary institutions, which aids in job creation and stimulates economic activity. His comments were made during a meeting with Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, held on the sidelines of the IMF and World Bank autumn meetings in Bangkok.

Abdelatty highlighted Egypt's desire to expand cooperation with the fund, particularly in sectors of mutual priority, to promote sustainable and inclusive economic growth. Both parties acknowledged the strong historical and fraternal ties between Egypt and Saudi Arabia, emphasizing the need to further enhance development cooperation in alignment with their shared commitment to bolstering bilateral relations and promoting Arab cooperation and integration.

The foreign minister reiterated Egypt's full support for Saudi Arabia in confronting recent challenges to its security and stability. The meeting also addressed current economic and geopolitical challenges amid rising regional tensions, affecting developing economies, supply chains, and financing costs.

Abdelatty underscored the necessity of reinforcing the role of Arab development and financing institutions, particularly the SFD, to provide flexible financing mechanisms that support economic stability and enhance the resilience of regional economies to crises, thereby advancing sustainable development.

Sultan bin Abdulrahman Al-Marshad reaffirmed the fund's commitment to supporting Egypt's development initiatives and strengthening cooperation with Egyptian partners. He also discussed opportunities to expand trilateral cooperation across Africa to support development projects and advance common interests.