SAIB, SFD to Ink EGP60mn Contract to Fund Small Projects Next Month

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Société Arabe Internationale de Banque (SAIB) is set to sign a financing contract next month with the Social Fund for Development (SFD) for the support of small projects in Egypt.

There are several banks in Egypt that are seeking to expand their funding activities for the small projects, which are known for their capability to create job opportunities characterized by lower capital requirements and accordingly contribute to reduce the country’s unemployment rates.

From her part, Nevine Gamea – Head of SFD’s Central Sector for Small Enterprise Finance – stated that the fund would also sign two agreements with the Housing and Development Bank (HDB) totalling EGP 60 million.