Egypt’s SFD in loan talks with World Bank, AfDB, JICA: official

Egypt’s Social Fund for Development (SFD) is currently in talks with some international institutions, notably the World Bank, the African Development Bank (AfDB), and Japan International Cooperation Agency (JICA), the fund’s secretary-general said Saturday.

Soha Soliman further told Amwal Al Ghad that the Egyptian fund had signed a 250 million Egyptian pounds finance with the Saudi Fund for Development (SFD), designated mainly for projects in Sinai Peninsula, with 5 percent interest rate.

The fund has also disbursed the first tranche worth $33 million out of $200 million grant from the UAE Khalifa Fund for Enterprise Development.

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.