Emergency Program for Supporting Small and Medium Size Private Sector Projects and Enterprises
A loan agreement for KD 30 million was signed in Cairo on 29 March 2012 between the Government of the Arab Republic of Egypt and the Arab Fund for Economic and Social Development to help finance the Emergency Program for Supporting Small and Medium Size Private Sector Projects and Enterprises in The Arab Republic of Egypt.
The loan agreement was signed by H.E. Ms.Faiza Abu Al-Naga, Minister of Planning and International Cooperation, on behalf of the Government of the Arab Republic of Egypt, and by H.E. Mr. Abdlatif Yousef Al Hamad, Director General/Chairman of the Board of Directors, on behalf of the Arab Fund.
The program aims at contributing to efforts to counter the exceptional economic and social conditions currently prevailing in the Arab Republic of Egypt. This will be accomplished by providing funding for existing and planned small and medium size private sector projects and enterprises, having a development nature, in the various economic sectors, in order to create additional jobs and increase production and exports of goods and services.
The loan will carry interest at 3% per annum and will be repayable over 25 years including a 7-year grace period.
With the signing of this loan, the Arab Fund's total contribution to financing projects in the Arab Republic of Egypt now amounts to KD 1,078 million.