The Committee for Financial and Economic Affairs of the Shura Council on Tuesday approved an agreement, which was signed between Egypt and the Islamic Development Bank (IDB), worth 50 million dollars.
The deal is the first fruit of the Sukuk (Islamic bonds) law. It constitutes a new mechanism for funding as per the Islamic law.
The agreement aims at supporting small-sized enterprises.
The bank will also offer a $320,000 grant to Egypt to finance training programs and transfer expertise to Egyptian banks, NGOs and the Social Fund for Development (SFD).