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Egypt’s Social Fund set to finance petrochemical projects

Egypt's Social Fund is in talks with the Industrial Development Authority (IDA) to finance petrochemical projects in the governorates of Alexandria, Suez, Fayoum, Port Said, and Assiut, the Daily News Egypt has reported. Although no decisions have yet been made concerning banks serving as intermediaries for the funding, the fund will sign a contract with Al-Baraka bank next week for EGP200m, while negotiations with other banks to fund SMEs are still in progress, said Essam El-Korashy, director of finance for small and medium sized enterprises (SMEs) at the fund.