Tackling Unemployment in Egypt - Development Marketplace Opens November 8 | World Bank Institute (WBI)

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Tackling Unemployment in Egypt - Development Marketplace Opens November 8

The World Bank Group (WBG) is launching the Development Marketplace (DM) competition in Egypt on November 8, 2012 to help job creation in the agricultural sector and support development across the country, with a particular focus on Upper Egypt.

WBG and its partners are committing both financial and technical support to winners of the competition. It will award $1.4 million in prize money to civil society organizations and businesses that are part of the agriculture supply chain, such as those in the food processing, agricultural waste management, handicrafts, and other domains in the rural economy.

The winners will also be eligible for advisory support in areas ranging from corporate governance to environmental management from the International Finance Corporation (IFC), a member of the World Bank Group; and technical support from Egypt's most prominent companies, foundations, and international organizations. 

"Our focus this time around is on Upper Egypts," Hartwig Schafer, World Bank Country Director for Egypt said. "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 Development Marketplace encourages applications for funding from private companies and civil society organizations with a clear social mission. Applications go through rigorous, merit-based scrutiny by panels of development experts from inside and outside the World Bank. Each DM has a separate theme, with the latest one in Egypt focused on organizations working on food processing, agricultural waste management, handicrafts, and other aspects of the rural economy.

Drew von Glahn, Team Leader of the World Bank Institute's Development Marketplace program said, "The Egypt Development Marketplace is designed to provide the financial and capacity building resources for social enterprises as they refine and strengthen their business models. We look for these organizations to increase their ability to scale their operations, access follow-on growth funding and ultimately position themselves to have long-term social impact.”
In addition, the social enterprises will benefit from technical support from a number of high performing organizations, including; Ashoka, the Food and Agriculture Organization (FAO), the International Fund for Agricultural Development (IFAD), the Misr El Kheir Foundation, Nahdet El Mahrousa, the Social Contract Center (SCC) as well as corporate-sector partners including CISCO, Delta Aromatic, Innoventures, Microsoft and Sobh for Food Industries and Cold Stores.
More information on the competition is available in English at: http://wbi.worldbank.org/wbdm/ or in Arabic at: http://www.albankaldawli.org/ar/country/eg.


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