Egypt signed an agreement with the African Development Bank (AfDB) to grant LE 80 million (USD 4.5 million) to develop entrepreneurship in the country. The news was published by local websites.
The Egyptian minister of investment and international cooperation Sahar Nasr signed an agreement with the AfDB’s country manager Malinne Blomberg. The money will be used to support entrepreneurship and develop ideas and innovative businesses, specially in the areas of renewable energy, agriculture, and handicraft.
Minister Sahar stated that supporting emerging companies is a priority for her ministry, which cooperates with the Egyptian Minister of Higher Education to disseminate the entrepreneurship culture in universities. Malinne Blomberg said the bank is committed to offer full support to Egypt.
An AfDB report released on Thursday (21) during a press conference at the Egyptian Ministry of Investment and International Cooperation shows that Egypt is a regional power hub, one of the focus areas of the new agreement. The electricity output in the country surpasses 45 gigawatts, about a fifth of the total in Africa.
In the document, the bank states the most important outcome of the its cooperation with Egypt was supplying and improving electricity services. The institution has also injected investments into the country’s renewable and non-renewable energy sector; water, irrigation and sanitation services; jobs creation and empowerment of young people. AfDB has backed 20 social projects in Egypt.
Translated by Guilherme Miranda