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Egypt’s Social Fund for Development (SFD) has signed on Thursday a cooperation protocol with the Egyptian Federation for Construction and Building Contractors (EFCBC), SFD’s secretary-general Soha Soliman announced.
Under the protocol, SFD will finance the purchase of machineries and equipment in favour of contractors and sub-contractors, at distinguished interest rates, Soliman said.
The Fund will provide financing worth 5 million Egyptian pounds ($563,285) at maximum for the main contractor and 2 million pounds ($225,314) at maximum for the sub-contractor, over five years, Soliman said.
EFCBC will nominate the names of beneficiaries of the SFD’s financing.
