Egypt’s Social Fund for Development (SFD) has signed a Memorandum of Understanding with Sinai’s Knooz El-Bardawil for the Overall Development to fund 300 development projects in north Sinai with 5 billion Egyptian pounds ($638 mn).
The signature ceremony attended by SFD secretary-general Soha Soliman, Knooz El-Bardawil’ chairman Sami Salim and the Minister of International Cooperation Sahar Nasr.
SFD signed the MOU is in the frame work of the President Abdelfattah Al-Sisi’s initiative to provide the necessary fund to the small enterprises with an interest rate of 5 %.
Furthermore, SFD is to provide direct fund for those who work in both fishing and refrigerated transport fields, in addition to a direct loan to Knooz El-Bardawil so that the association could refund it to the SMEs’ owners.
