Egypt’s SFD negotiating $300 million finances from World Bank, Saudi Fund

Egypt’s Social Fund for Development (SFD) is negotiating a $300 million financing package from the World Bank and the Saudi Fund for Development to help finance the country’s small and medium-sized projects.

According to SFD’s secretary-general Soha Soliman, the Egyptian fund seeks to obtain a financing package worth $100 million from the Saudi Fund in addition to $200 million from the World Bank.

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.