SFD Egypt targets 30% rise in 2016 micro-finances

Egypt’s Social Development Fund (SFD) is planning to raise its micro-finance activities by 30 percent in 2016, an official from the fund said Wednesday.

Nevine Badreldin – Head of SFD for Microenterprises Sector – further told Amwal Al Ghad that SFD targets 1.56 billion Egyptian pounds (US$199 million) for 2016.

By end of 2015, Badreldin said she expected SFD’s portfolio of micro-finances to record 1.2 billion pounds.

The finances of Egypt’s Social Development Fund (SFD) for micro enterprises recorded 1.2 billion Egyptian pounds (US$153.3 million) at the end of November 2015, official from fund said Saturday.

The SFD was established by Presidential Decree 40/1991 as a socio-economic safety net to combat unemployment, alleviate poverty, improve living conditions and help attain comprehensive socio-economic development.