6 December 2012

Egypt: U.S.$ 500 Million From ADB to Support Budget

At a forum on employment of the youth that was held in Cairo on Wednesday 5/12/2012, Prime Minister Hisham Qandil said that a $ 2.5 billion short-term plan was agreed on within the two coming years to finance major projects which include expansions in Sharm el-Sheikh Airport, water and sanitation, and upgrading the electricity sector and Kom Ambo solar station.

Qandil added that the employment programs will secure about 750,000 job opportunities

Egypt has also reached an agreement with the African Development Bank (ADB) on a 500-million-dollar loan agreement that will cover the budget deficit in this fiscal year, Qandil said, adding that a committee has been formed under his chairmanship to support small and medium-sized enterprises; the committee comprises members from various ministries concerned.

The SFD will present technical support to these enterprises, he added.

The conference tackled unemployment particularly among youth in Egypt and in Africa in general.

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