Egypt’s Social Fund for Development (SFD) plans to sign funding contracts worth 100 million Egyptian pounds (US$12.7 million) with two major industrial and agricultural banks in the country in the first quarter of 2016.
Nevine Gamea – Head of SFD’s Central Sector for Small Enterprise Finance – told Amwal Al Ghad that SFD plans to sign contracts with with the Industrial Development and Workers Bank of Egypt (IDWBE) and the Principal Bank for Development and Agriculture Credit (PBDAC) worth 50 million pounds each.
For the PBDAC’s contract, it is tailored for financing livestock and agricultural development projects, Gamea added.
Meanwhile, IDWBE’s contract will go for funding developmental projects and the SFD’s debit account activity.
The SFD was established by presidential decree 40/1991 as a socio-economic safety net to combat unemployment, alleviate poverty, improve living conditions and help attain comprehensive socio-economic development.