SFD-Egypt, Khalifa UAE Fund Sign US$200mn Loan for SMEs Projects

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Secretary General of Social Fund for Development Hanaa Al Hilaly revealed that the fund is planning to sign US$200 million loan with Khalifa Fund for Enterprise Development (KFED, Khalifa Fund) in Abu Dhabi, UAE with 2% interest rates.

The main objective of the loan is to provide the necessary finance for small and micro projects especially in the villages and Upper Egypt, stressing that SFD is currently reviewing all legislation controlling SMEs, Hilaly explained.

SFD obtained €15 million grant from French Development Agency (AFD) with the aim of developing slums in Egypt and Giza and with the presence of International Cooperation Minister, she noted.

Moreover, she added that the Fund get €67 million from the World bank so as to finance intensive-labor projects, asserting that the fund was targeted obtaining EGP2 billion during the current year, but it get EGP1 billion and EGP680 million.