SFD eyes new Contracts in March, April to revive Egypt Microfinance Market

Egypt’s Social Fund for Development (SFD) intends to sign six new contracts worth 10 million Egyptian pounds (US$1.3 million) with civil societies and organizations that recently obtained microfinance licence.

The Egyptian Financial Supervisory Authority (EFSA) has recently granted a number of civil societies and organizations micro-financing licences as pursuant to Law No. 141/2014 issued last November to organise for the first time Egypt’s microfinance activities.

Within next March, SFD is set to sign contracts with three civil societies to support micro-sized projects in Egyptian governorates, sources with knowledge of the matter told Amwal Al Ghad on Sunday.

Three more contracts will be signed within next April, they noted.

Meanwhile, Soha Soliman – SFD Secretary-General – said in earlier statements that her fund would track down the Egyptian microfinance market in cooperation with government competent entities. SFD aims to revive funding for the micro-sized projects in Egypt.