The Arab Fund for Social and Economic Development (AFESD) is expected to sign an agreement with one of the Egyptian banks to finance SMEs with $30 million, Arab Finance reports.
The future new funding comes on top of the ongoing financial support of the fund valued at $2 billion, and a portion of which has been directed to Decent Life initiative benefiting 58 million rural citizens, the media notes.
The fund has also contributed to the financing of Bahr Al Baqar Wastewater Treatment Plant, the world’s largest. The fresh financing will focus on green economy and the private sector.
Based in Kuwait and established in 1974, the fund’s investment portfolio has hit $5.2 billion in the sectors of electricity, energy, agriculture, water supply, waste water, and transportation, Arab Finance notes.
Egypt’s SMES to get $30m funding from Arab Fund
