By: Islam Fadl

Cairo - Mubasher: The managing director of the Egyptian Social Fund for Development (SFD), Nevine Gamea, said that an EGP 100 million contract has been signed with the Principal Bank for Development and Agriculture Credit (PBDAC).

Gamea added during the signing of the finance agreement with the bank’s chairman El-Sayed El-Kosayer on Wednesday, that the fund is targeting diversifying the activities in which it finances small businesses.

SFD will offer the sum to the bank, and will finance through a $300 million loan from the World Bank, Gamea indicated.

The loan is expected to finance 854 small projects, she added.

Gamea further added that the total value of contracts signed between the fund and the PBDAC has so far totalled EGP 2.64 billion, through 120,000 loans to small businesses.