Egypt’s SFD to sign Financing Deal with UN’s IFAD next February

Big 5

Egypt’s Social Fund for Development (SFD) will reach next month an agreement with UN’s International Fund for Agricultural Development (IFAD) to support Egyptian agricultural projects.

Signing the SFD-IFAD agreement is scheduled for next February 20 in Rome, the Egyptian fund’s secretary-general Soha Soliman announced, yet decline to reveal the amount of financing.

The International Fund for Agricultural Development (IFAD) is a specialized agency of the United Nations dedicated to eradicating rural poverty in developing countries. It was established as an international financial institution in 1977 as one of the major outcomes of the 1974 World Food Conference. Seventy-five percent of the world’s poor live in rural areas in developing countries, yet only 4% of official development assistance goes to agriculture.