SFD-Egypt negotiating World Bank for $400 million loan

Egypt’s Social Fund for Development (SFD) is currently negotiating with the World Bank Group over two loans totalling $400 million, the fund’s secretary-general said Tuesday.

The first loan under request is valued at $200 million, designated to finance small projects in Egypt, SFD’s secretary-general Soha Soliman told Amwal Al Ghad. The second loan is also worth $200 million to finance Egyptian infrastructure projects.

Moreover, the Egyptian fund is in the process of activating the European Investment Bank’s €45 million ($51.3 million) contract soon, Soliman added.