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.
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.
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.
noted that a center for investors' services will be opened in Menya in the coming
stressed the ministry's keenness on supporting youths, especially through
offering grants and finance.
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.