World Bank Group and Partners Provide $1.25 Million in Grants
35 organizations set to transform agriculture and handicrafts markets into engines of employment
CAIRO, June 17, 2013 –The Egypt Development Marketplace (DM) program today awarded grants of $800,000 to 35 organizations to contribute to job creation in the agriculture and handicrafts sector, with a special emphasis on Upper Egypt. The DM is funded by the World Bank and its private sector arm, the International Finance Corporation (IFC), and several of its international and local partners. Along with technical assistance, the World Bank Group and its partners are investing more than $1.25 million in the program.
The grantees will receive $25,000 each, as well as technical support to scale up their innovative business model and generate employment. They will also be eligible for advisory support in areas ranging from corporate governance to environmental management from the IFC, and technical support from Egypt’s most prominent companies, foundations and international organizations. A number of financial institutions, social entrepreneurs, investors, development organizations, and government officials also participated in today’s Cairo event.
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