Egypt’s Social Fund for Development (SFD) has signed Monday three memoranda of understanding to finance projects in New Valley governorate, south west of Cairo, with a 5 percent declining interest rate.
The signing ceremony was in the presence of Egyptian Minister of International Cooperation Sahar Nasr as well as Soha Soliman – SFD’s general-secretary; Mahmoud Ashmawy – New Valley governor; and Mahmoud Kandil – Managing Director of Ard El Kheir, one of Misr El Kheir Foundation Companies.
The first MoU involves improving the standard of living for the university-graduate farmers working on reclamation projects in New Valley, as well as securing finances required to establish comprehensive agricultural projects in remote areas.
As for the second MoU, it is designated to develop and carry out 450 small projects for the youth living in New Valley. SFD shall secure finances worth 7,000 Egyptian pounds ($788.73) per feddan for each youth.
The third MoU was signed between SFD and Ard El Kheir, aiming to establish and execute projects in field of restructuring livestock industry in Kharga, in New Valley, as the first phase. SFD will provide direct finances for the establishment of 100 small-scale livestock projects in favour of youth, who will be chosen by Ard El Kheir.
Ard El Kheir shall offer farms, training, fodders, medical and technical care, as well as marketing services.
“The MoUs are signed upon Egyptian President’s initiative to support and finance youth-run projects with 5 percent interest rate.” Soha Soliman said.
Egypt’s youth make up two-thirds of the population.
Earlier last March, Egyptian President Abdel Fattah al-Sisi said he had asked the Central Bank to enable the financing of youth-run small and medium enterprises. Sisi promised that within four years, 20 percent of bank loans would be allocated to such projects.