Egypt’s SFD negotiating $330 million finances from Arab Fund, EIB, OFID

Egypt’s Social Fund for Development (SFD) is negotiating a $330 million financing package from three global financial institutions, Head of SFD for Microenterprises Sector, Nevine Badreldin said Tuesday.

The financing package will go for financing micro-sized projects in Egypt, she added.

Badreldin further told Amwal Al Ghad that the SFD is seeking a $50 million from theOPEC Fund for International Development (OFID), $200 million from Arab Fund for Economic and Social Development (AFESD), and $80 million from the European Investment Bank (EIB).

SFD’s total financing for micro-sized projects had stood at around one billion Egyptian pounds by the end of August, in favour of around 160,000 clients.

Established by Egyptian Presidential Decree 40/1991, SFD is a socio-economic safety net to combat unemployment, alleviate poverty, improve living conditions and help attain comprehensive socio-economic development.