Egypt’s Social Fund for Development (SFD) is to sign today two contracts worth EGP 60 million with Housing and Development Bank (HDB), said an official from the fund.
According to Nevine Gamea – Head of SFD’s Central Sector for Small Enterprise Finance, the first contract of EGP 40 million is to support small projects. She further told Amwal Al Ghad that the second contract is designated to finance SFD’s debit account activity.
Debit account is the short-term facilities “overdrafts” offer clients a credit ceiling (amounts) corresponding to the short-term financial requirements of their enterprises.
During the first half of 2014, SFD signed 12 contracts worth 1.081 billion Egyptian pounds with banks and financial institutions in support for 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.
