Social Fund for Development (Egypt)

Social Fund for Development (Egypt) was established in 1991 by a Presidential decree # 189 and with support of the United Nations Development Programme. SFD was created with a capital of 1.1 Billion Egyptian Pounds to alleviate the hardship created by the returning Egyptian workers from the Gulf area as a result of the First Gulf War. According to Magdy Moussa, Middle East Regional Director at Plant Finance, "SFD was regarded as a social safety net associated with the Government of Egypt's agreement to undertake its extensive Economic Reform and Structural Adjustment Program."[1] SFD focuses on sustainable development projects. Also according to Moussa, a prominent focal point for SFD is promoting self-employment through microcredit projects.

Major donors are: the World Bank, the European Union, Germany, JICA, Kuwaiti Development Fund.

References
  1. Magdy Moussa (January 2007). Regulation and Supervision of Microfinance in Egypt. Essays on Regulation and Supervision series, Microfinance Regulation and Supervision Resource Center.


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