Egypt’s Social Fund for Development (SFD) will start disbursing an US$100 million grant from the European Union within next week, an official from the fund told Amwal Al Ghad.
SFD’s Director General Hanaa El Hilaly stated that on Wednesday EU’s grant is directed for Egypt’s Emergency Labor Intensive Investment Project which aims for facing the country’s economic slowdown and growing rates of unemployment and poverty.
The total project cost also includes funding from World Bank in US$ millions, she noted.
Moreover, El Hilaly noted that the objectives of the Labor Intensive Investment Project are to create short-term employment opportunities for unemployed unskilled and semi-skilled workers, to provide community service sub-projects, as well as access to basic infrastructure services to the target population in poor areas.
