SFD Egypt in Talks with 3 Global Lenders over USD85 mln Loans and Grants

Egypt’s Social Fund for Development (SFD) is currently holding talks with 3 international financial institutions over obtaining loans and grants at value of $85 million. The targeted loans and grants will be directed for the small-sized and community-based projects besides developing the non-financial businesses.

SFD’s Director General Hanaa El Hilaly revealed to Amwal Al Ghad that the fund is in final phase of talks with the Kuwait Fund for Arab Economic Development (KFAED) over an US$50 million loan designated for small projects.

This comes in addition to ongoing negotiations with the Canadian International Development Agency (CIDA) over US$10 million grant directed for the SFD’s non-financial businesses, she noted.

The Egyptian official further referred that SFD Egypt will be obtaining soon a grant worth US$25 million from the U.S. Agency for International Development.

Moreover, SFD Egypt has recently obtained the government’s approval to obtain a new loan at value of US$300 million from the World Bank, designated for the small and micro-sized projects.

Since inception in 1992 until 2013-end, SFD Egypt contributed more than EGP20 billion to the national economy.