Egypt’s SFD in talks over Saudi Fund’s $100mn finance

Egypt’s Social Fund for Development (SFD) is currently negotiating over Saudi Fund for Development’s $100 million finances, Secretary-general Soha Soliman announced Tuesday.

The under-discussion finance will go for Egyptian small projects, with a 5 percent interest rate, as part of the Egyptian central bank’s initiative to support small and medium businesses, Soliman said.

SFD has received 250 million Egyptian pounds ($28.2  million) from the Saudi Fund, mostly designated for projects in Sinai Peninsula, Soliman added.

Moreover, the Egyptian fund is also in ongoing talks with some international institutions, notably the World Bank, the African Development Bank (AfDB), and Japan International Cooperation Agency (JICA), SFD official stated.

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.