SFD-Egypt, IDWBE ink EGP50 million to support SMEs

Egypt’s Social Fund for Development signed today two French Development Agency-led financing contracts with the Industrial Development & Workers Bank of Egypt (IDWBE).

The contracts are at value of 50 million Egyptian pounds (US$6.5 million) designated to support small and medium-sized projects in Egypt.

Nevine Gamea – Head of SFD’s Central Sector for Small Enterprise Finance; and Hamdi Azzam – Executive Board Member at IDWBE – have signed the financing agreement on Tuesday in the presence of Soha Soliman – SFD Secretary-General; alongside El-Sayed El-Kosayer – IDWBE Chairman.

For the agreements signed, the two contracts, each worth 25 million pounds, are dedicated for both new and existing small-sized projects operating in the industrial sector.

Established in 1991, Social Fund for Development (SFD) is Egypt’s major socio-economic safety net entrusted with supporting micro and small enterprises and providing them with integrated packages of financial and non-financial services.