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EU fund to to create 20,000 direct, indirect jobs for
agricultural SMEs

Over 400 Egyptian SMEs to benefit from EU fund

CAIRO, December 7, 2015

More than 400 agricultural small and medium-sized enterprises (SMEs) in Egypt will receive support from a European Union (EU)-funded project following the signing of a grant agreement, a report said.

The fund is expected to create 20,000 direct and indirect jobs, and will reach more than 16,000 beneficiaries over seven years, reported Daily News Egypt.

The agreement, worth €22 million ($23.8 million), was signed in the presence of head of operations of the European Union Delegation to Egypt, Counsellor Diego Escalano-Paturel; the French Ambassador to Egypt, Andre Parent; and the Egyptian Minister of Agriculture and Land Reclamation, Essam Fayed.

The project aims to increase the income of agricultural stakeholders through facilitating access to credit and integrating the benefits of the agricultural sector.

The EU with the Ministry of Agriculture, the Commercial International Bank (CIB), and the Credit Guarantee Company (CGC) will be strongly involved in the credit line and the guarantee scheme implementation, added the report.




Tags: | fund | European Union |

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