SFD Secures US$45 Mln From European Investment Bank

The Social Fund for Development (SFD) will sign tonight finance contracts worth US$ 45 million with the European Investment Bank to finance small and medium enterprises (SMEs).

Ghada Wali, secretary general of SFD, said in an interview Amwal Al Ghad that the financing package includes loans of €30 million and grants of €15 million. SFD is in talks with a number of foreign bodies to receive loans and grants to boost SME sector, Wali added.

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