SFD In Talks With French Development Agency Over €80 Mln Loan

The Social Fund for Development (SFD) received a delegation from the French Development Agency (Agence Française de Développement AFD) at the end of last week and they negotiated over the €80 million loan that will be used to finance small and medium enterprises (SMEs). SFD is expected to receive such loan by the beginning of 2013, sources said.

In addition, SFD negotiates Islamic Development Bank (IDB) over US$ 50 million loan, European Investment Bank (EIB) over €45 million loan (=US$60 million) , International Fund for Agricultural Development (IFAD) over US$ 35 million loan and Arab Fund for Economic & Social Development over KWD 30 million loan (=US$ 100 million).

SFD is also in talks with Japan International Cooperation Agency (JICA) and the Saudi Fund for Development to receive loans. SFD signed last month a 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 International Union will offer US$ 100 million.