Shura members blast social fund excesses

Members of the Shura Council (the consultative chamber of parliament) blasted the statesocs-run Social Development Fund (SDF) for granting loans to private companies and banks that do not finance small-sized businesses.

The SDF receives foreign grants at reduced interest rates for the specific purpose of financing both small and micro-sized businesses.

According to council member Emad Mahrous, the fund provided Auda Bank and Commercial International Bank with LE2.2 million in loans, even though the two private banks only finance large corporate projects.

Mahrous demanded that the SDF reveal the rates of interest it received on these loans compared to the interest charged to small-sized businesses.

Translated from the Arabic Edition.

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