Arab Fund allocates $ 100 million to Egypt

The Arab Fund for economic and social development (AFESD) allocated $ 100 million over five years to Egypt to finance private small and medium projects.

The chairman of the fund board and General Director Abdelatif Al-hamad signed on Monday a $ 50 million agreement with Egypt to finance a steel factory in Alexandria.

The agreement was signed by Egyptian Minister of planning and international cooperation Thafer Al-Nashri.

Since 1988, the Fund has granted Egypt more than $ 135 million to finance several projects in different areas.

The loan will have a 3% annual interest rate and will be paid over 19 and a half years with a four-year grace period.