SFD’s Microfinance Exceeds Target in 2014, Rises to EGP1.650bn

Egypt’s Social Fund for Development (SFD)’s microenterprise funding has exceeded target in 2014 of EGP 1.630 billion, said an official from the fund.

Nevine Gamea – Head of SFD’s Central Sector for Small Enterprise Finance – announced on Saturday the fund’s plans to pump finances at value of EGP 1.650 billion in microenterprises by end of the current November. The planned finances are in forms of direct and indirect funding from banks and institutions.

SFD’s total current portfolio of microenterprises reached EGP 500 million in favour of around 235.000 clients by end of last October.

During the first half of 2014, SFD signed 12 contracts worth 1.081 billion Egyptian pounds with banks and financial institutions for the support of small projects. In addition, the fund also signed, during the first half, 11 contracts at value of 86 million pounds with financial institutions to fund micro-sized projects.