LE 3,6 billion soft loans for youths' projects

Egypt's Prime Minister, Atef Ebeid, presided over a meeting of the Social Fund for Development (SFD) that reviewed the performance of the fund in the Fiscal Year 2002/2003.

Secretary General of the SFD, Hani Seif AI-Nasr said reports showed the SFD assets amounted to LE. 4,3 billion. Allocations for small-and medium sized enterprises (SMEs) hit LE. 2 billion.

SFD board approved during the meeting financing a development project for 52 villages, two in each governorate.

The meeting also tackled proposal set up a permanent exhibition for youths whose SMEs were financed by the SFD. About 160 projects will take part in the exhibition.

Seif AI-Nasr added the SFD board endorsed a number of measures to ease procedures for granting loans for youths to support SMEs.

A new department was set up under the SMEs Development Agency to handle the difficulties facing youths in their projects and manage crises if they take place, he added.