SFD Negotiates 5 International Financial Bodies Over US$350 Mln Loan

The Social Fund for Development (SFD) is currently conducting negotiations with five international financial bodies over a loan amounting to US$ 350 million to finance small and medium enterprises (SMEs).

Hanaa El Hilaly, director general of the Planning & International Cooperation Group at SFD, told Amwal Al Ghad that Islamic Development Bank (IDB) will offer US$ 50 million, French Development Agency (FDA) will offer €80 million (=US$ 105 milion), European Investment Bank (EIB) will offer €45 million (=US$60 million) , International Fund for Agricultural Development (IFAD) will offer US$ 35 million, Arab Fund for Economic & Social Development will offer KWD 30 million (=US$ 100 million).

El Hilaly added that SFD is in talks with Japan International Cooperation Agency (JICA) and the Saudi Fund for Development to receive loans, but the value of such finance was not decided yet. However, it was agreed that Banque Du Caire will receive EGP 200 million of the loan which will be received from the Saudi Fund for Development.

SFD signed today a Protocol of Cooperation with the World Bank and the European 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.