Arab Fund for Social and Economic Development to finance Egyptian SMEs with $30M

CAIRO – 24 November 2021: The Arab Fund for Social and Economic Development will sign soon an agreement with one of the Egyptian banks to finance SMEs with $30 million.

The statement was made Wednesday by the fund's chairman, Badr Mohamed al-Saad, in a meeting with Egypt's Prime Minister Mostafa Madbouli in the Cabinet's headquarters.

The fund's investment portfolio since 1974 has hit $5.2 billion in the sectors of electricity, energy, agriculture, water supply, wastewater, and transportation. The current investments are worth $2 billion, and a portion of which has been directed to Decent Life initiative benefiting 58 million rural citizens. The fund has also contributed to the financing of Bahr Al Baqar Wastewater Treatment Plant, the world's largest.   

Similarly, Saad pointed out that the fund's focus now is investing in green economy as well as cooperating with the private sector.