Since its inception in 1991, the Egyptian Social Fund for Development (SFD) has spent about US$600 million supporting microcredit, and financing community development and infrastructure. Applying propensity-score matching using household survey data for 2004/05, this paper finds that SFD programmes have had clear and measurable effects, in the expected direction, for the six programmes considered here: education, health, potable water, sanitation, roads, and microcredit. SFD road projects generate benefits that, by some estimates, exceed their costs, as do health and potable water interventions; this is less evident for programmes in education and sanitation. SFD support for microcredit is strongly pro-poor; the other programmes analysed here appear to have a more modest pro-poor orientation.impact evaluation, Egypt, social fund, propensity score matching, microcredit,
The Impact Evaluation Series has been established in recognition of the importance of impact evaluation studies for World Bank operations and for development in general. The series serves as a vehicle for the dissemination of findings of those studies. Papers in this series are part of the Bank's Policy Research Working Paper Series. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
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