Egypt Eyes EU’s €67mn Funding for Community Development Projects – SFD

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Egypt’s Social Fund for Development (SFD) is in ongoing talks with the European Union over €67 million finance designated for community development and labour-intensive projects.

The talks are part of SFD’s agreement with the World Bank worth US$200 million signed in 2012 to finance community development projects in Egyptian governorates, the Fund’s Secretary General Hanaa El Hilaly told Amwal Al Ghad.

El Hilaly further stated that SFD had obtained US$300 million finance from the World Bank early 2014, signalling the international financial institutions’ trust in the future of the Egyptian economy.

Moreover, SFD Egypt had also received a US $200 million finance from the UAE-based Khalifa Fund for Enterprise Development (Khalifa Fund), outlining joint efforts to boost development and opportunities for small and micro sized enterprises in Egypt.