Egypt Cabinet Endorses EGP3 bln Estimated Budget for SFD in 2014

Egypt’s cabinet endorsed on Saturday the Social Fund for Development (SFD)’s estimated budget for the year of 2014, worth EGP 3 billion.

According to SFD’s Acting Managing Director Hanaa Al Hilali, the decision came in a Saturday cabinet meeting, headed by Prime Minister Ibrahim Mahlab.

SFD’s budget will be directed to finance development programmes of small and micro enterprises and labor-intensive projects in the fields of infrastructure and community-based ventures.

In addition, the meeting also reviewed SFD’s financial results during the period from January 2011 until December 2013.

SFD has allotted a total EGP 4.33 billion to establish and develop around 48.718 small projects throughout Egypt from January 2011 to December 2013. Meanwhile, the fund directed to 449.363 micro-projects in the same period amounted to EGP 1.97 billion.

Moreover, the volume of finances provided by the fund for infrastructure and community-based projects has reached EGP 183.1 million in the same period, resulting in creating 1.697 million direct jobs.

“SFD obtained a new loan from the World Bank in the amount of 300 million Dollars unanimously approved by the Bank’s executive directors. This loan, the first following the 30th of June Revolution, reflects the confidence of the Bank in the government of Egypt and the SFD performance,” Al Hilali stated.

The SFD was established in 1991 to “combat unemployment, alleviate poverty, improve living conditions and assist in socio-economic development”. The board of directors of the organisation includes Egypt’s ministers of Planning, International Cooperation, Industry and Foreign Trade, Finance and Local Development.