The Egyptian government and the African Development Bank Group (AFDB) have signed a deal worth 80 million pounds to develop entrepreneurship. The grant was signed by Minister of Investment Sahar Nasr and AfDB’s country Manager of Egypt Malinne Blomberg, in the presence of Minister of Higher Education Khaled Abdel Ghaffar.
Minister of Investment Nasr clarified in a statement that the grant included supporting empowering entrepreneurs who have creative ideas of researches especially from youth and women in three fields which are agriculture, renewable energy and creative industries including handicrafts.
Activities of the grant also include providing a national support platform for entrepreneurs and boosting connections with regional platforms through network connections, promotions and events and developing the ability to attend Arabic training sessions related to entrepreneurship and start-ups online.
Nasr clarified that supporting start-ups is the ministry’s main and essential role to achieve economic development, provide job opportunities and support young investors.
She elaborated that the grant will offer around five incubators for start-ups focusing on the governorates of Upper Egypt, New Valley and Great Cairo. “These programs will cover training on entrepreneurship and priority sectors with grants that amount to $3,000 for each workshop to satisfy early development needs.”
The minister added that the grant will provide seven programs to accelerate training for beginners, referring that this grant will provide more than 5500 direct and indirect jobs and will establish 480 start-ups.