SFD receives first tranche of Saudi $200m grant

Egypt’s Social Fund for Development (SFD) received the first tranche of 62.5 million Egyptian pounds from the Saudi fund for development $200m grant to finance SMEs.

Nevine Gamea, the head of SFD’s central sector for small enterprise finance, made these remarks today.

Lately, The Saudi Fund for Development signed a deal with the ministry of international cooperation to allocat a non-refundable grant to Egypt worth $200m during the Egyptian-Saudi Coordination Council meeting in Cairo in January 2016.

Recently, SFD has signed an agreement with Knooz El-Bardawil for the Overall Development to fund 300 development projects in north Sinai with 5 billion Egyptian pounds.