SFD In Talks With European Investment Bank Over €15 Mln Grant
The Social Fund for Development (SFD) is negotiating with the European Investment Bank to receive a grant of €15 million to finance small and medium enterprises (SMEs).
SFD also negotiates with the European Investment Bank to receive a loan amounting to €45 million with soft interest rate and long repayment period, said Hanaa El Hilaly, director general of the Planning & International Cooperation Group at SFD, told Amwal Al Ghad.
El Hilaly noted that SFD signed protocol of cooperation with the World Bank and the International Union as part of the labor-intensive program. The World Bank will offer US$ 200 million and the European Union will offer US$ 100 million. SFD also conducts negotiations with to receive US$ 50 million from Islamic Development Bank (IDB), €80 million (=US$ 105 million) from French Development Agency (FDA), €45 million (=US$60 million) from European Investment Bank (EIB), US$ 35 million from International Fund for Agricultural Development (IFAD) and KWD 30 million (=US$ 100 million) from the Arab Fund for Economic & Social Development.
