PROVIDING A HELPING HAND

An important contribution to economic and social improvement in Egypt is made by the Social Fund for Development (SFD), which operates under the direct supervision of the Prime Minister and under the umbrella of the United Nations Development Program (UNDP).

The fund receives loans and grants from the international community and the government. Its objectives are to boost employment and provide a social safety net for the poor, including those most directly affected by the economic reform measures.

The SFD provides access to small loans and financial services, focusing in particular on encouraging the development of small and medium-sized businesses (SMEs).

“Through SMEs we can create jobs and alleviate poverty,” says SFD’s Managing Director M. Hany Seif El Nasr. “With start-ups we subsidize them for one or two years until they are up and running.”

In 2002/2003, the SFD spent more than $100 million and created 80,500 new jobs; $46 million were allocated to financing more than 11,000 SME projects, creating 50,000 job opportunities.