Khalifa Fund, AFD offer funding to Egypt projects

The volume of contracts by the Social Fund for Development with banks in Egypt over the past two months has reached LE600 million for the funding of small and micro-sized projects in different fields, according to Trade and Industry Minister Mounir Fakhry Abdel Nour.In a statement issued by the ministry on Wednesday, Mr. Nour said the fund was able to make contracts with four banks including Banque du Caire, Ahly, United Bank and the Housing and Development Bank in November and December to finance small enterprises, purchase local and imported goods (both new and second-hand) as well as funding projects for women.

The minister indicated ongoing negotiations with six banks including Nasser Social Bank, Banque Misr, Abu Dhabi Islamic Bank, Arab Investment Bank, Qatar National Bank and Union National Bank of Egypt ahead of striking contracts to finance small and micro-sized projects.

63,000 projects will benefit from the fund’s finance programs, which will provide around 79,000 jobs, the minister added.