Egypt’s SFD negotiating Arab Fund for $50 million finance package

Egypt’s Social Fund for Development (SFD) is negotiating a $50 million financing package from the Arab Fund for Economic and Social Development (AFESD) to help finance the country’s small and medium-sized projects.

According to SFD’s secretary-general Soha Soliman, the Egyptian fund is still in talks with the World Bank and the European Union to obtain a $250 million financing designated for infrastructure and community development projects.

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.