FINANCIAL NEWS

OFID Egypt to lend USD 40mn in collaboration with SFD

21 Jan 2016

(MENAFN) The OPEC Fund for International Development (OFID) confirmed to lend the Social Fund for Development (SFD) almost USD 40mn, with an interest rate of less than 4 percent.

Accordingly, OFID has given almost USD 950mn in loans to Egypt for various sectors, involving electricity and health, in coordination with the Ministry of International Cooperation.

In addition, discussions were made to finance projects in Sinai value about USD 900mn over three years, which include development projects for the establishment of sewage plants.

OFID is an improvement fund active in more than 130 developing nations, offered their commitment to stand with global laws and regulations.

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