SFD Secured US$ 290 Mln From 5 Foreign Bodies In 2012

The Social Fund for Development (SFD) signed five finance agreements with foreign bodies to receive loans of about US$ 290 million in 2012, in order to finance micro, small and medium enterprises (MSMEs).

Sources revealed to Amwal Al Ghad that SFD secured US$ 200 million from the World Bank, US$ 70 million from the European Union, €15 million (US$ 20 million) from the European Investment Bank, US$ 320,000 from the Islamic Development Bank and US$ 496,000 from the International Fund for Agricultural Development (IFAD).

SFD is in talks with Agence Française de Développement (French Development Agency) to receive loans worth €80 million to finance SMEs.

SFD signed two agreements with the Arab Fund for Economic & Social Development worth US$ 108 million and US$ 50 million totaling to US$ 158 million in Q4 of 2012, to finance MSMEs and infrastructure projects such as improving water supply and sanitation facilities in different governorates.