Egypt’s Social Fund for Development (SFD) is in ongoing talks with international financial institutions, including the World Bank Group, over new loans, secretary-general Soha Soliman said Tuesday.
SFD seeks to obtain foreign loans estimated at US$700 million.
The Social Fund for Development (SFD) was established by a Presidential Decree in 1990, in collaboration with the World Bank and UNDP, the European Union and three Arab Funds, mainly to mobilise national and international resources to be used for human development. SFD could secure US$1,550 million donations and soft loans. It facilitates and supports the economic reform programme and mitigates its adverse effects on vulnerable and low income population groups. It helps to mitigate poverty and reduce unemployment by providing new job opportunities through financing small enterprises and by offering donations for community development and infrastructure works.
SFD was regarded as a social safety net associated with the Government of Egypt’s agreement to undertake its extensive Economic Reform and Structural Adjustment Programme.