Saudi Arabia allocates $31 million to activate Sisi’s initiative for youth

The Saudi Fund for Development grants 250 million Egyptian pounds ($31 million) to Egypt’s Social Development Fund (SFD) to be provided as financing and non-financing services for youth as part of the President Abdelfatah Al Sisi’s initiative.

The financing services will be with a simple and diminishing balance interest rate of 5 percent.

Lately, President Abdel Fattah al-Sisi announced a number of plans to empower Egypt’s youth through supporting the small enterprises and implementing the 1.5 Million-Feddans project to increase the SME’s sector funds to 200 million Egyptian pounds. In addition, Sisi promised 2016 would be the “year of Egyptian youth,” in which they would be engaged in a number of projects

Director-general of SFD Soha Soliman said that the financing services are available starting today.

Furthermore, the financing services include presenting legal services for the new projects, preparing economic feasibility studies, providing necessary training, benefiting from the information sources of local and foreign manufacturers and suppliers and other services.