Egypt SFD Eyes $91mn Financing from UN’s IFAD

Egypt’s Social Fund for Development (SFD) has entered talks with the International Fund for Agricultural Development (IFAD) over a financing package worth US$91 million.

A senior source from SFD told Amwal Al Ghad on Tuesday that his fund seeks to finance agricultural projects in cooperation with the Egyptian Ministry of Agriculture.

The International Fund for Agricultural Development (IFAD) is a specialized agency of the United Nations dedicated to eradicating rural poverty in developing countries. It was established as an international financial institution in 1977 as one of the major outcomes of the 1974 World Food Conference. Seventy-five percent of the world’s poor live in rural areas in developing countries, yet only 4% of official development assistance goes to agriculture.

Meanwhile, the source referred that SFD would receive soon a financing package amounting to €80 million from the French Development Agency (Agence Française de Développement AFD).

SFD is also in ongoing talks with UAE and Kuwaiti funds over financing worth US$200 million and US$50 million, respectively.