EBRD grants Egypt $ 12 million loan to support tourism sector – Economy – Business

The European Bank for Reconstruction and Development (EBRD) provided Egypt with $ 12 million to support the tourism sector.

The sum is a loan to Al-Dau Al-Haram for hotel operations for the regeneration of a brownfield site into a Hyatt Regency hotel, in order to promote the introduction of green technologies and the inclusion of young people and women in Egypt, the EBRD said in a statement. Wednesday.

This new hotel is expected to serve the area surrounding the Grand Egyptian Museum and the Great Pyramids of Giza.

The development of this hotel will address significant inclusion gaps in Egypt, regarding youth unemployment and skills mismatches, the statement said.

He expects more than 300 jobs to be created directly as well as viable pathways from training to employment for at least 250 young people.

The project will also include a high-quality training program, funded by the Swiss State Secretariat for Economic Affairs, and on-the-job learning opportunities in hospitality and tourism for young people, in particular promoting the participation of women.

Egypt is a founding member of the EBRD. Since the bank began operations in 2012, the EBRD has invested more than € 7 billion in more than 125 projects in the country, according to the EBRD.

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