SFD Loans EGP1.9 million for Red Sea Sustainable Development Project

Egypt’s Social Fund for Development (SFD) will cooperate on funding the Red Sea Sustainable Development Project, signing an agreement worth 2.2 million Egyptian pounds.

SFD’s Secretary-General Soha Soliman has signed on Wednesday a funding agreement worth 2.2 million Egyptian pounds (US$ 307.718) with Ahmed Abdullah – Red Sea Governor.

As pursuant to the agreement, SFD grants 1.9 million pounds in addition to contributions worth 300.000 pounds are made by the Red Sea governorate.

From his part, Governor Ahmed Abdullah said the project includes four subsidiary schemes to upgrade bridges and 2 government buildings in addition to establish 50 tanks, aiming to serve areas of Safaga and Shalateen. Those schemes would be carried out under the supervision of the SFD and Red Sea governorate, he noted.