EGYPT – TheAfrican Development Bank Group (AfDB) has signed a US$4.56 million grant that seeks to support entrepreneurial development in Egypt.

The grant was signed by Minister of Investment Sahar Nasr and AfDB’s country Manager of Egypt Malinne Blomberg aims at supporting empowering entrepreneurs across the country.

Sahar Nasr said that the fund will support creative ideas of researches especially from youth and women in across agriculture, renewable energy and creative industries including handicrafts.

According to a report by Egypt Today, the funds will also enable in provision of a national support platform for entrepreneurs and boosting connections with regional platforms.

This will be facilitated through network connections, promotions and events and developing the ability to attend Arabic training sessions related to entrepreneurship and start-ups online.

Nasr said that the ministry remains committed in promoting economic development, provide job opportunities and supporting young investors.

She further elaborated that the grant will offer around five incubators for start-ups focusing on the governorates of Upper Egypt, New Valley and Great Cairo.

“These programs will cover training on entrepreneurship and priority sectors with grants that amount to US$3,000 for each workshop to satisfy early development needs,” she said.

According to the minister the grant will anchor seven programs to accelerate training for beginners adding that through the grant, more than 5500 direct and indirect jobs will be created and establish 480 start-ups.

Minister of Higher Education Abdel Ghaffar said that the grant will be executed through the Academy of Scientific Research and Technology, connecting it to the AfDB.

Blomberg said that the bank’s remains committed in supporting Egypt’s entrepreneurship and continually build the economy noting that the fund priorities to Upper Egypt targeting 50% of women.

She added that the grant is based on clear energy and creativity as part promoting of the youth and women empowerment in the country.

The joint strategy is in line with President Abdel Fatah al-Sisi’s framework of implementing the initiative to support entrepreneurship during the African Union Forum at 2019.