Projects in Egypt, Morocco, Tunisia Eligible for $11 Mn in Funding

Projects in Egypt, Morocco, Tunisia Eligible for $11 Mn in Funding

The German Development Bank intends to provide financing grants for projects in 8 countries, including Egypt, Morocco, and Tunisia, with a maximum of $11.14 million.

The German Bank requires the employment of a minimum of 125 people for every million euros granted in the project through the "Investment for Employment" initiative.

The initiative is an investment mechanism established by the Bank on behalf of the Federal Ministry of Economic Cooperation and Development.

Speaking at a roundtable to announce the funding grants, the CEO of the initiative, Raouf Khalaf, said the initiative aims to create 100,000 jobs over the next five years.

The initiative operates in eight countries: Egypt, Tunisia, Morocco, Côte d'Ivoire, Ethiopia, Ghana, Rwanda, and Senegal.

It aims to increase investments, support emerging markets in Africa to create good job opportunities in the private sector, and back companies facing various challenges such as weak infrastructure and inefficient power, water, and road networks.

Khalaf said the initiative provides financial support to help investors who face difficulties securing the total funding required to start their projects in these countries.

He explained that these projects effectively contribute to social and economic development, reduce unemployment, and alleviate poverty, which is in line with the state's vision of increasing job opportunities