Sahar Nasr Signs with OPEC Fund $40 mln AgreementSource: www.export-egypt.com 7/26/2016, Location: Africa |
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 International Cooperation Minister Sahar Nasr signed an agreement, worth 40 million dollars, to finance small-and medium-sized enterprises (SMEs) in the Social Fund for Development (SFD).
The agreement was signed with Director-General of the OPEC Fund for International Development (OFID) Suleiman al Herbish and SFD Chairman Soha Suleiman. The agreement came to contribute to financing a credit line for small and micro projects in the most needy areas in Egypt's governorates, said the minister. The ministry negotiated with the SFD to finance the second phase of the project after the success of the first phase, she added. The main aim of the project is to improve the economic and social conditions for the poor families through financing small and micro projects, she further said. The minister, meanwhile, said that the project aims to provide soft loans from the SFD to about 1,000 small projects to create about 6,800 jobs. OFID chief Suleiman al Herbish said that ties with Egypt are strong, adding that today's agreement is of special importance as it coincides with celebrations marking the anniversary of July 23 revolution. |
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