Secretary general of the Social Fund for Development (SFD) Niveen Gamea; Ahmed El-Kholy, CEO and managing director of EFG Hermes Leasing; and Talal Hamza, head of the finance department at Hermes Leasing, signed a contract for the development of new and existing small enterprises through a financial leasing scheme worth EGP 20m. This funding is provided under the World Bank's agreement with the SFD since 2014, which totals $300m. According to Gamea, the signing of this contract comes within the framework of the SFD's strategy and its keenness to diversify new financing products and expand the scope of the activities it finances, as well as to expand its dealings with various development partners, including companies, banks, and associations in order to facilitate access to funding for small enterprises. She explained that the contracts for financial leasing aim to finance the acquisition of new machines and spare parts for new and existing projects across the republic. She noted that doctors and pharmacists who have permits to practice can also unlock funding to buy equipment for medical centres, clinics, and pharmacies. She pointed out that the funding will be channeled to 28 contracts, which will create 140 direct jobs in the coming period. EFG-Hermes, in cooperation with the SFD, is to identify, study and determine the target projects, as well as follow up on the established projects and provide periodic reports on their progress.
