The Social Fund for Development (SFD) has received a grant worth US$ 5 million from MENA Transition Fund, established by the Deauville Partnership to support countries in transition.
The grant will finance two projects. The first project will support micro, small and medium-sized enterprises (MSMEs) through finance worth US$ 2,936,080 from the Fund and US$ 1,625,000 from the European Bank for Reconstruction and Development (EBRD), said Hanaa El Hilaly, director general of the Planning & International Cooperation Group at SFD.
The project aims at creating a favorable business environment for micro, small and medium enterprises through reviewing and enhancing the performance of SME development units. The project also includes the support of 60 projects for women in Greater Cairo, Tanta and Assiut through offering them consulting services and expanding their projects. The program also includes the developing and improving of SFD’s database.
The second project will support MSMEs in partnership with African Development Bank through finance worth US$ 2,060,000. The project aims at enhancing the performance of tens of governmental and non-governmental institutions supporting the integration and development of these enterprises.