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Egypt, AfDB sign EGP 80m grant for development of entrepreneurship Supporting emerging companies is ministry's key role to achieve economic development, job creation, support for small investors, says Nasr
Egypt and the African Development Bank (AfDB) signed a grant for the development of entrepreneurship worth EGP 80m on Thursday, according to press statement. The statement said that the grant includes support for entrepreneurs with innovative and inventive ideas, especially young people and women, in three priority sectors which are agribusiness, renewable energy, and creative industries in handicrafts and art. Moreover, it also includes assistance for the national entrepreneurship platform and strengthening linkages with regional platforms through promotion, networking, event organisation, and study tours in order to raise awareness and exchange information. For her part, Sahar Nasr, the minister of investment and international cooperation, stressed that supporting emerging companies is a key role of the ministry in order to achieve economic development, job creation, and support for the small investors. Malinne Blomberg, the country manager at the AfDB-Egypt, noted that the grant pays great interest to the Upper Egypt region and targets the neediest people, and 50% of the beneficiaries are women. Moreover, the AfDB is interested in and determined on providing full support to Egypt during the coming period.
