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27 August 12:00 AM

ILO, NBK-Egypt to implement biogas project in Menya

The International Labor Organization (ILO) Cairo Office Director Peter Van Rooij signed on Monday a memorandum of understanding with Managing Director of the National Bank of Kuwait NBK-Egypt Yasser Ismail Hassan to promote socio-economic sustainable development in rural communities in Egypt.

Under the memo, financial support will be extended to five emerging companies in order to facilitate the establishment of 100 units for biogas production in villages of the Upper Egypt governorate of Menya.

The Canada-funded ILO project "Decent Jobs for Egypt's Young People" will offer technical support for the biogas units.

The planned biogas project will help generate jobs, reduce poverty and improve people's standards of living.

Egypt's Investment Minister Sahar Nasr underlined the importance of the project as the ministry gives top priority for securing jobs for youths.

Thanks to cooperation with the ILO, Egypt's international rating improved, Nasr said.

She noted that a center for investors' services will be opened in Menya in the coming period.

She stressed the ministry's keenness on supporting youths, especially through offering grants and finance.

ILO Cairo Office Director Peter Van Rooij hailed the efforts exerted by Nasr, noting that creating jobs for youths contributes to realizing economic growth in Egypt.

He noted that the ILO works with the Egyptian public and private sectors to generate jobs for youths.

Managing Director of the National Bank of Kuwait NBK-Egypt Yasser Ismail Hassan said the bank is aware of the importance of the project, noting that the bank focuses on health, youth and environment projects in order to realize development in Egypt, reduce poverty and support women.

 

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