UAE Fund To Provide $200 Million In Loans To Microfinance Projects In Egypt

Tuesday, November 25, 2014

A United Arab Emirates state investment fund announced on Monday it would provide $200 million in loans for microfinance projects in Egypt, a move it said would create more than 120,000 jobs by 2020.

Abu Dhabi-based Khalifa Fund for Enterprise Development said it signed the loan agreement with the Egyptian government in Cairo.

The UAE and other Gulf Arab states have emerged as major donors for Egypt since the armyousted Egypt’s first freely elected president, the Islamist Mohamed Mursi, during mass protests against his rule in 2013.

Khalifa Fund’s chairman, Hussain al Nowais, said some 100,000 projects and more than 120,000 job opportunities are likely to be created by 2020 through the funding.

Source: Ahram Online (link opens in a new window)

microfinance, rural development