AfDB current portfolio with Egypt’s SFD hits $225 million

The African Development Bank (AfDB)’s current portfolio for Egypt’s Social Fund for Development (SFD) has reached $220 million, said the Egyptian fund’s secretary, Soha Soliman on Tuesday.The AfDB-SFD portfolio includes nine agreements in addition to $5 million worth of grants, she added.

There is a plan currently being adopted between SFD, the AfDB, and MENA Transition Fund, aiming to develop the country’s industrial complexes. Soliman noted.

The SFD was established by Egyptian Presidential Decree 40/1991 as a socio-economic safety net to combat unemployment, alleviate poverty, improve living conditions and help attain comprehensive socio-economic development.

The World Bank gave initial approval to secure $200 million (1$=8.78 EGP) loan for Egypt’s Social Fund for Development (SFD), the secretary-general of the Egyptian fund announced on Tuesday.

The loan will be provided to finance small and micro-sized projects in Egypt, Soha Soliman, SFD’s Secretary-general, said in a press conference in Cairo on Tuesday.