SFD plans first Cooperation with ADIB to support SMEs in Egypt

Egypt’s Social Fund for Development (SFD) plans to sign its first agreement with Abu Dhabi Islamic Bank (ADIB) to finance small and medium-sized projects in Egypt, secretary-general Soha Soliman announced.

SFD signed on Tuesday two French Development Agency-led financing contracts with the Industrial Development & Workers Bank of Egypt (IDWBE).

Soliman also noted that the fund is also working on signing two more contracts with two banks; the Egyptian Arab Land Bank (EALB) and Arab Investment Bank.

SFD is targeting increasing its cooperation with the Egyptian banks, she noted.

Since inception in 1992 with a mandate to reduce poverty, the Egyptian Social Fund for Development has pumped more than EGP 25 billion to support national economy. Until 2014-end, SFD has provided EGP 14.8 million for small projects, EGP 5.5 billion for micro-sized projects, and EGP 4.8 billion in favour of infrastructure and community development projects, Soliman elaborated.