SFD-Egypt Nears $250mn Financing Deal from UAE, Kuwaiti Funds

Egypt’s Social Fund for Development (SFD) nears a financing deal worth US$250 million with UAE Khalifa Fund and Kuwait National Fund for SMEs.

The deal will go for the support of the small-sized projects in Egypt, said SFD’s Secretary General Hanaa El Hilaly.

Speaking to Amwal Al Ghad on Sunday, El Hilaly stated that SFD would sign a memorandum of understanding (MoU) with Khalifa fund within the current year, to eventually receive the agreed financing in the coming period.

Meanwhile, El Hilaly referred that SFD and the Egyptian Ministry of International Cooperation are still in talks with the Kuwait National Fund for Small and Medium Enterprises over US$50 million financing.

The Egyptian fund also nears a financing deal worth €80 million from the French Development Agency (Agence Française de Développement AFD), she noted. This comes after SFD received a €15 million grant from the French agency.

SFD provided a total financing of EGP 955.2 million for 6.8 thousand small-sized projects, contributed to the creation of more than 30.5 thousand jobs.