28 May 2017 10:41 AM

Egypt, WB review funding USD 200m development program

Friday، 19 May 2017 - 02:24 PM

Egypt is coordinating with the World Bank over extending 200 million dollars to finance a program for supporting labor-intensive projects, the Egyptian trade minister said.

The issue was raised during a plenary session between Trade and Industry Minister Tarek Kabil and Director of the World Bank's Social Protection and Labor Practice Steen Jorgensen, the ministry said in a statement on Friday 19/05/2017.

The four-year program is meant to secure 90,000 direct jobs and 130,000 indirect jobs, Kabil said. The program targets very poor areas, he added.

Under the program, training sessions will be held for 45,000 youths. Also, 700 schools will be renovated alongside youth centers and social and health units.

Kabil noted that the ministry focuses on giving momentum to small and medium-sized projects, adding that the new investment law offers a great incentive package for such vital sector, especially in Upper Egypt.

He said an all-out industrial investment map is being drawn up to offer a comprehensive industrial mechanism in Egypt.

Meanwhile, Jorgensen underlined the World Bank's keenness on enhancing cooperation with Egypt, especially in labor-intensive, social and women-empowerment projects.

The new World Bank program in Egypt also backs developing infrastructure and securing thousands of training opportunities to join the labor markets.

MENA

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