The International Labour Organisation (ILO) signed a protocol worth $3.7m with Egypt’s Ministry of Investment and International Cooperation for a new project aimed at creating job opportunities and developing the private sector in Egypt, according to a Monday press release from the ministry.
Peter Van Rooij, director of the ILO’s country office in Egypt, and Minister of Investment and International Cooperation Sahar Nasr signed the protocol, which aims to especially support private sector investments in rural areas, added the statement, noting that the Norwegian government is supporting the project with about $3.7m over three years.
Nasr said that the agreement is in line with her ministry’s efforts towards enhancing Egypt’s investment climate and boosting its private sector, especially in terms of startups and small and medium enterprises (SMEs), with the ultimate goal of achieving inclusive economic development.
Nasr noted that her ministry will collaborate with other local government agencies, such as the Ministry of Local Development, the Egyptian Federation of Industries, and the Ministry of Manpower, to achieve the project’s goals.
The minister added that the project will create 200 job opportunities for youth by the end of its implementation, noting that it will provide training programmes which will boost the abilities of SMEs.
Meanwhile, Van Rooij said that the agreement aims to create channels between big companies and SMEs to help them increase their contributions to the Egyptian economy.