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10 facts about the German job initiative in Egypt

Germany's "Investment For Employment" initiative launched last week in Egypt and is expected to have a major impact on job creation.
Egypt Business Directory | 05.06.2023
© Egypt Business Directory
 

Germany's "Investment For Employment" initiative launched last week in Egypt and is expected to have a major impact on job creation in the private sector in Egypt. Here are 10 things you need to know about this initiative. 

  1. The initiative is created by the German KfW Development Bank on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ).

  2. The goal of the initiative is to help Egypt create integrated markets, increase competitiveness, and promote innovation.

  3. The growth of the private sector is considered crucial for creating job opportunities in Egypt, especially with the country's increased population growth rate.

  4. The private sector is responsible for the majority of job creation in the whole world, and it is the role of governments is to create conditions that support the private sector to grow.

  5. The share of the private sector in Egypt's economy was around 30 percent in 2020, which means there is a lot of room to grow.

  6. The main goal of the initiative is to facilitate investments and create good and sustainable jobs in the private sector, with a goal to generate up to 100,000 new jobs over the period of 5 years.

  7. In Egypt, investments struggle with limited access to energy, water, and road infrastructure, as well as difficulties with getting financing from local institutions.

  8. The initiative operates in 8 countries so far that are partners in it, including Egypt, Ghana, Morocco, Tunisia, Rwanda, Senegal, Ethiopia, and Cote d'Ivoire.

  9. Co-financing grants with a value from 1 to 10 million euros are offered for projects, with the main focus of job creation and improving working conditions.

  10. Germany has been a longtime partner of Egypt, supporting its private sector, with around 500 million euros. However, there are structural reforms that are essential like transparency in government economic activities, fair competition, and improved management and governance to help create jobs and a favorable business environment.

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