EU, Egypt’s SFD Due to Sign €70 mln Pact This Week

Egypt will receive within this week a grant worth € 70 million from the European Union, said Ghada Wali – Egypt’s Social Fund for Development (SFD) General Secretary.

With the presence of the Egyptian Prime Minister Hazem el-Beblawi, Egypt’s SFD and the EU will be signing within this week a framework agreement worth  € 70 million.

On the sidelines of the Egyptian Handicrafts Exhibition “Turathna”  held on Saturday at the Indian embassy in Cairo, Wali further explained to Amwal Al Ghad that the fund’s anticipated agreement with the EU is designed to fund the implementation and infrastructure projects in Egypt.

SFD had recently signed with UAE-based Khalifa Fund for Enterprise Development ( Khalifa Fund ) a framework agreement worth US $ 200 million outlining joint efforts to boost development and opportunities for small and micro sized enterprises in Egypt.

The framework agreement stipulates that the UAE will provide US $ 200 million (AED 736 million), via the Khalifa Fund , to the SFD in order to catalyse the start-up of small and micro sized enterprises with the overarching goal for these businesses to achieve significant socio-economic impact throughout Egypt.