African Development Bank (AfDB) has signed on Thursday an EGP 80 million agreement with Egypt to develop entrepreneurship in the Arab world’s most populous country.
The agreement was signed by Egyptian investment and international cooperation minister Sahar Nasr and manager of AfDB’s Cairo office Malinne Blomberg, according to a statement by the investment ministry.
This grant will support innovative entrepreneurs, mainly youth and women, in three main sectors; namely the agricultural, renewable energy, and handmade crafting, the ministry said.
Nasr said that the grant will provide startups with training and funding valued at up to $3,000.
Moreover, the grant will cater seven programmes to accelerate training for beginners, the minister said, adding that it will offer over 5,500 direct and indirect jobs, as well as set up about 480 startups.
For his part, Egyptian minister of higher education Khaled Abdel Ghaffar said that almost 50% of the AfDB’s grant will be directed toward Upper Egypt and the New Valley.
Moreover, Malinne Blomberg said that the grant will mainly cover the neediest areas in Egypt including Upper Egypt governorates and it targets 50% of women, along with focusing on the clean energy and innovation.
AfDB is keen to bolster Egypt over the coming period in light of President Abdel Fattah EL Sisi’s presidency of the African Union this year, Blomberg indicated.