SFD In Talks With EU Over €45 Mln Grant

The Social Fund for Development (SFD) is conducting negotiations with the European Union (EU) to receive a loan amounting to €25 million to finance small and medium enterprises (SMEs).

SFD is also in talks with European Investment Bank to receive a grant of €15 million and a loan of €45 million with soft interest rate and long repayment period, said Hanaa El Hilaly, director general of the Planning & International Cooperation Group at SFD.

El Hilaly added that SFD signed a Protocol of Cooperation with the World Bank and the International Union tomorrow as part of the labor-intensive program. World Bank will offer US$ 200 million and the International Union will offer US$ 100 million.

In addition, SFD is in negotiations to receive US$ 50 million from Islamic Development Bank (IDB), €80 million (=US$ 105 million) from French Development Agency (FDA), €45 million (=US$60 million) from European Investment Bank (EIB), US$ 35 million from International Fund for Agricultural Development (IFAD) and KWD 30 million (=US$ 100 million) from the Arab Fund for Economic & Social Development.