Aug 18 2012
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Funding small enterprises
Ghada Wali, SFD secretary-general, speaking at a press conference said that the agreement aims at diversifying the fund's services to include Sharia-compliant products to finance small projects which in turn would help create jobs and boost development.
Ashraf El-Ghamrawi, managing director of Al-Baraka Bank , expects the agreement to help in financing 4,400 new projects. Speaking also during the press conference, he pointed out that there is an increasing demand on Sharia-compliant products because "it is different and less complicated than the conventional ones."
Wali stated that the agreement came in light of the state's strategy to support small enterprises. She added that during the past year and a half the SFD has signed LE3.3 billion contracts with small enterprises.
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