São Paulo – The World Bank has created a mechanism to support projects aiming to create jobs in Egypt’s rural areas. Total investment will be US$ 1.4 million, according to information released by the bank in a press statement on Thursday (8th).
The Development Marketplace program (DM) for Egypt promotes a contest between projects from different organizations, and will allocate funds and technical support to those who show potential to create agricultural jobs in the country.
“Our focus is on the Upper Egypt area,” says Hartwig Schafer, the World Bank director for Egypt. “With this open competition we hope to stimulate the rural economy as a way of creating opportunities in remote regions and villages where poverty is most acute.” The southern portion of the country is known as Upper Egypt.
According to the World Bank statement, the DM program encourages entries from private companies and civil society organizations which have a social mission to them. Entries are assessed based on their merit by panels of development experts from the World Bank and elsewhere.
In Egypt, Development Marketplace will focus on organization involved in food processing, agricultural residue management, handicraft and other aspects of agricultural economy.
A series of seminars will be held in four Upper Egypt states: Asyut, Qena, Aswan and Minya, to encourage civil society organizations to participate.
In addition to financial resources, submitted projects may receive counselling from the International Finance Corporation (IFC) in areas ranging from corporate governance to environmental management. The IFC is the World Bank’s private sector arm. Technical support will also be available to companies, foundations and international organizations in Egypt.
“Socially-conscious enterprises can play a powerful role in Egypt’s development, not only by creating jobs, but also by tackling a host of pressing social issues,” says Magdi Amin, the IFC Investment Environment Climate manager for the Middle East and North Africa. “This competition will help highlight the tremendous work some of these businesses do.”
*Translated by Gabriel Pomerancblum
