The statement, by the fund's chairman Badr Mohamed Al-Saad, was made during a meeting with Egypt's Prime Minister Mostafa Madbouli
The Arab Fund for Social and Economic Development will soon expand its Egyptian financing portfolio, with a possible agreement with unnamed Egyptian banks worth $30 million to finance local small and medium enterprises (SMEs).
The statement, by the fund's chairman Badr Mohamed Al-Saad, was made during a meeting with Egypt's Prime Minister Mostafa Madbouli in the Cabinet's headquarters on Wednesday.
According to Al-Saad, the fund is currently focusing on investing in the green economy as well as cooperating with the private sector.
The Arab Fund for Social and Economic Development and Egyptian portfolio recently recorded $5.2 billion since 1974, with investments in various sectors, including electricity, energy, agriculture, water supply, wastewater, and transportation.
Current investments are worth $2 billion, with a portion directed to the presidential initiative Haya Karima which currently benefits 58 million citizens in rural Egypt, and financing towards the world’s largest waste water treatment plan in Bahr Al Baqar.
Other recent investments into Egypt’s move towards a green economy were by the Asian Infrastructure Investment Bank (AIIB) which approved new financing worth $360 million to support Egypt's recovery from the COVID-19 pandemic and strengthen economic and structural reform programs.
The funds, combined with development partner the World Bank, will be directed towards the Development Policy Financing Framework.