Egypt, UNDP to establish first development investment fund in Egypt: Nasr

The Minister of Investment and International Cooperation said there will be a grant from the USAID worth $9.2m

The Ministry of Investment and International Cooperation has signed an agreement with the United Nations Development Program (UNDP) in Egypt to establish the first development investment fund in Egypt, the Minster of Investment Sahar Nasr said during opening of the second workshop on sustainable development objectives, which was organised by the ministry in coordination with the World Bank Group.
Nasr added this development investment fund aimed at supporting the emerging development projects and encouraging investments that contribute to the development of the achievement goals in various areas such as poverty reduction, providing job opportunities and reliance on renewable energy.
She said that this workshop is a follow-up to the workshop held in March 2017, which is in partnership with the World Bank and which focused on the achievements of the goals of sustainable development in Egypt and the challenges it faces so far.
The minister pointed out that she participated in a similar ministerial session for the workshop on the sidelines of the visit of President Abdel Fattah Al-Sisi to New York where she talked about a sustainable development policy vision and facilitating private sector investment in development goals.
She explained that Egypt has achieved great progress in the economic reform programmes, including the social housing programme and the delivery of gas to the homes and the programme to develop slums, which would ease the burden on the most needy categories.
Nasr stressed that the government is working to provide the appropriate environment for the private sector and investors to participate in the major national projects in the various governorates as they have a great role in achieving the goals of sustainable development and providing job opportunities for the youth.
In the same context, the ministry provided a grant from the US Agency for International Development (USAID) worth $9.2m, said Nasr during her participation in a ceremony on the occasion of the completion of the Mit Rahina archaeological area project.
She said that this project is a part of the joint cooperation between Egypt and America.
This project aimed at preserving the cultural heritage of Memphis through the development of the region's archaeological passageway, in addition to the documentation and development of it.
She stressed that there is great cooperation between the ministries of investment and antiquities to inject new investments and grants, including the Egyptian Museum.
In the context of the joint cooperation agreement signed between Egypt and the US, Minister of Antiquities Khaled Al-Anani said that the project was launched in August 2015 with the funding of the USAID.
The minister stressed that the project aims to promote the Egyptian cultural heritage in the ancient sites of the ancient capital of Memphis and to encourage tourism.