International Cooperation Minister Sahar Nasr signed on Wednesday an agreement with Randa abul Hassan, country director of the United Nations Development Program, to establish the first Development Investment Support Fund in Egypt.
The fund, according to Nasr, will be sponsored by Egypt Entrepreneurship and Investment Company and funding by the UNDP.
The UNDP will work on providing the investment services and technical assistance required for entrepreneurship in Egypt.
There will be incentives to stimulate growth of emerging companies, in addition to support for investors through partnership in capital, providing investors with technical training, Nasr added.
“We are ready to facilitate the funding that conforms to SDGs,” abul Hassan said, adding that the fund is the first initiative of its kind in the Middle East and Africa. “We hope to boost our partnership with the government and the private sector to achieve this target.”
According to abul Hassan, the UNDP’s role is to support Egypt in order to develop the Egyptian economy of social impact and increase its profits for investors as well as the citizens.The fund will support, not compete, the investors and emerging companies.
Edited translation from Al-Masry Al-Youm