Cairo: The Arab Fund for Economic and Social Development (AFESD) signed a partnership agreement with the European Bank for Reconstruction (EBRD) aimed at supporting entrepreneurship, innovation, and business sustainability in Egypt.
According to Kuwait News Agency, the AFESD emphasized that this partnership is a crucial step to enhance the capabilities of small and medium-sized enterprises by offering tailored consultancy through seminars, workshops, and training sessions. The partnership focuses particularly on supporting projects led by women and the youth, aiming to enable them to grow and sustain their businesses.
Badr Al-Saad, Chairman of the Arab Fund, highlighted that small and medium-sized enterprises are integral to the Egyptian economy as they contribute significantly to job creation and account for 90 percent of economic activity in the country. He noted that the collaboration with the EBRD will provide essential resources to help these companies expand and grow, aligning with the Arab Fund's strategy of maximizing developmental impact through jobs, innovation, and entrepreneurship.
The AFESD, a regional financial institution based in Kuwait, was established in 1968 to support economic and social development in Arab countries. The fund provides financing for projects through loans, grants, and technical assistance in various areas, including infrastructure, education, health, water, sanitation, and public services, thereby enhancing sustainable development and regional cooperation in the Arab world.