SFD, UNDP to Ink EGP25mn Grant Pact for Labor-Intensive Projects in Egypt

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Egypt’s Social Fund for Development (SFD) will sign next Thursday an agreement with the United Nations Development Programme (UNDP) over a EGP 25 million grant to finance labour-intensive projects.

In this respect, SFD’s Secretary General Hanaa El Hilaly has told Amwal Al Ghad that the grant will go for financing projects in four governorates including Aswan, Beheira, Giza and New Valley.

The signing ceremony will be attended by Egyptian Minister of Industry and Trade Mounir Fakhry Abdel Nour, for being the supervisor of SFD’s small and medium-sized enterprises, El Hilaly stated.

SFD has recently signed US$300 million loan for financing small and micro projects from the World Bank.

Since inception, SFD has pumped more than EGP 20 billion in the arteries of the Egyptian economy since its inception in 1992 until the end of 2013.