Social Fund for Development

Shura Council Economic Committee set to accept $50m from Islamic Development Bank

The Economic Committee at the Shura Council is set to accept the $50m development loan from the IDB to encourage the growth of small and medium sized enterprises (SMEs), with $320,000 set aside for logistical aid and worker training programs. Repayment will begin three years after the grace period for withdrawal. Ghadi Wali, secretary general of Egypt’s Social Fund for Development (SFD), said that the SFD will employ a number of international experts in order to review the potential outcome and effects of the IDB loan. She said that the SFD’s goal would be to distinguish between real losses and those suffered as a result of Egypt’s depreciating currency.

Al Baraka to provide Shari'ah-compliant finance to small projects in Egypt

Al Baraka shall provide Shari'ah-compliant finance to small projects in Egypt with cooperation with World Bank through the Social Fund and its subsidiary in Egypt. Bank authorities claimed in their statement that small projects hast become the highest priority for countries and international financial instututions due to high unemployment rates.

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