The World Bank will finance youth projects, including women projects and projects of FEKRETAK SHERKETAK initiative, by $200 million, Minister of Investment Sahar Nasr said.
FEKRETAK SHERKETAK is an Egyptian initiative, created under the auspices of the Ministry of Investment and International Cooperation (MIIC). It supports Egyptian youth and entrepreneurs, targeting to support and accelerate the growth of Egyptian entrepreneurs to develop innovative businesses in today’s competitive economy.
The minister added the economic reforms were the reason behind growing foreign investment in Egypt despite the investment decline in most of the world, especially in emerging markets, according to the report of the United Nations UNCTAD.
The United Nations Trade and Development Board (UNCTAD) said that Egypt remained the first investment destination in Africa during the first half of 2018, as total foreign investment inflows hiked by 24 percent compared to the first half of 2017.
Egypt embarked on a bold economic reform program that included the introduction of taxes, such as the value-added tax (VAT), and cutting energy subsidies, with the aim of trimming the budget deficit.
The country floated its currency in November 2016 before it clinched a $12 billion loan from the International Monetary Fund (IMF).
Also, Nasr previously signed a protocol with Minister of Youth and Sports Ashraf Sobhy and head of the Small and Medium Enterprises Organization Neven Gamea to include youth and sports facilities within the investment map of Egypt.
Egypt launched earlier an investment map showing current investment opportunities available across the state.
The map includes 4,136 investment opportunities in eight industrial sectors in the 27 governorates and gives information on industrial zones in each governorate, their resources, the existing projects, and available industrial projects in detail.
Nasr said earlier that Egypt reached a new agreement with the World Bank to have a new finance worth $3 billion during the upcoming months.
The minister noted that this funding reflects the World Bank's confidence in Egypt’s economic reforms and ensures its keenness on providing Egypt with support to implement the economic and social reform program.