President Abdel Fattah al-Sisi issued today (August 29) Presidential Decree No. 206 of 2019 approving the letter of agreement for the receipt of a 4 million euro grant from a multi-donor trust fund for countries in transition. The grant will go to “Tanmia Wa Tatweer – Egypt’s Entrepreneurship Development Project”, managed by the African Development Bank. The letter was signed on February 21, 2019.
“‘Tanmia Wa Tatweer – Egypt’s Entrepreneurship Development Project’ aims to support entrepreneurs, particularly youth and women, in establishing, managing and operating successful innovation-driven enterprises in agribusiness; clean, green and alternative energy; and creative industries in handicrafts and the performing arts,” said a statement by the African Development Bank in February.
According to the statement, the grant will be implemented under the Ministry of Higher Education and Scientific Research and targets about 480 start-ups and early growth businesses, of which 50 percent are female-owned.
Edited translation from Al-Masry Al-Youm