AfDB current portfolio with Egypt’s SFD hits $225 million

The African Development Bank (AfDB)’s current portfolio for Egypt’s Social Fund for Development (SFD) has reached $220 million, said the Egyptian fund’s secretary, Soha Soliman on Tuesday.

The AfDB-SFD portfolio includes nine agreements in addition to $5 million worth of grants, the Egyptian official added.

“There is a plan currently being adopted between SFD, the AfDB, and MENA Transition Fund, aiming to develop the country’s industrial complexes.” Soliman said.

The SFD was established by Egyptian Presidential Decree 40/1991 as a socio-economic safety net to combat unemployment, alleviate poverty, improve living conditions and help attain comprehensive socio-economic development.