A loan agreement between the Khalifa Fund for Enterprise Development, the Egyptian Ministry of International Cooperation and Social Fund for Development has been reintroduced, according to Khalifa Fund Chairman Hussain Jasim Al-Nowais.
The agreement worth $200m was initially proposed in November 2014, to invest in Egyptian micro-project developments, following all the legal procedures in both states.
In a statement Friday during the Economic Summit in Sharm El-Sheikh, Al-Nowais said the agreement aims to boost and deepen the relations between both parties. He added that the Emirati government places significant importance on development projects with economic and social benefits.
Al-Nowais said the Khalifa Fund will give the loan to the Social Fund for Development (SFD) soon, expecting that the project will create more than 200,000 job opportunities for Egyptians.
The chairman confirmed the loan aims to support the Egyptian government’s efforts in combating poverty and unemployment, and boost women’s roles in development and empowering them.