SFD Signs US$ 50 Mln Contract With Islamic Development Bank

The Social Fund for Development (SFD) signed a finance contract worth US$ 50 million last month with the Islamic Development Bank to finance and support small and medium enterprises (SMEs).

This is the first contract signed by SFD in 2013 and there are negotiations with the French Development Agency to receive €80 million loan, said Hanaa El Hilaly, director general of the Planning & International Cooperation Group at SFD.

SFD signed a finance contract of €45 million loan and €15 million grant with the European Investment Bank last year to finance SMEs.

It is worth mentioning that the World Bank and European Bank signed protocol of cooperation as part of employment-intensive project worth US$300 million; US$ 200 million from the World Bank and US$ 100 million from the European Union.