SFD Egypt in Talks with World Bank over US$25.5mln-fund

Egypt’s Social Fund for Development (SFD) negotiates with the World Bank Group for a fund worth EGP200 million (US$25.5 million) to finance micro-sized projects, official from fund said Thursday.

Head of SFD for Microenterprises Sector Nevine Badreldin stated that SFD has pumped 670 million Egyptian pounds during the first half of 2015 to finance micro-sized projects: 85,000 projects through which 100,000 job opportunities were provided.

SFD seeks to raise 1.2 billion pounds worth of total finances for the microenterprises sector by the end of 2015, Badreldin added.

SFD’s cumulative portfolio of financing microenterprises is estimated at 5.5 billion pounds approximately.

Moreover, she stated that the fund aims to sign four new contracts with Non-Governmental Organization (NGOs) worth EGP6 million to finance micro-sized projects.