Cairo – Mubasher: Egypt’s Ministry of International Cooperation signed a loan agreement with OPEC Fund for International Development (OFID) amounts to $40 million (EGP 356 million).

The loan will be obtained by the Egyptian Social Fund for Development (SFD)  to support small- and medium-sized enterprises (SME).

The loan will be directed toward financing around 7,500 small and micro projects, through allocating loans within the range of EGP 1000 to EGP 25,000, said Sahar Nasr Minister of International Cooperation.

OPEC Fund has contributed in financing development projects in Egypt by around $587.6 million, since 1967 until 2016