Egypt signs OFID’s $40 mln small and micro-business loan

Egyptian government has signed Monday a $40 million loan with the OPEC Fund for International Development (OFID) to finance small and micro-sized businesses in the country.

The loan, which was signed by Egyptian Minister of International Cooperation Sahar Nasr, will be directed to Egypt’s Social Fund for Development (SFD) to be in charge of financing small and micro projects in the country.

SFD will dedicate 70 percent of the OFID loan to small projects and 30 percent to the micro-sized businesses, SFD secretary-general Soha Soliman told reporters on Monday.

The loan will paid over 20 years, Soliman added.

OFID is a development finance institution created to foster social and economic progress in the developing world.