EFG Hermes unit, SFD sign financial leasing deal for Egypt small businesses

EFG Hermes Leasing, a wholly-owned subsidiary of Cairo-based investment bank EFG Hermes, has signed Monday a financial leasing contract with the Egyptian Social Fund for Development (SFD).

Under the umbrella of World Bank’s $300 million agreement signed in 2014 with the SFD, the EFG Hermes contract is at value of 20 million Egyptian pounds ($1.1 million) designated to support small businesses in Egypt.

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