The German development bank KFW will start on Wednesday receiving applications from Egyptian companies wishing to launch environmentally friendly projects under the Investment for Employment Initiative.
Emad Ghaly, head of the German-Arab Chamber of Industry and Commerce, said that the initiative targets eight countries, including Egypt, and offers funds ranging between €1m and €10m to each company.
Ghaly added that the initiative seeks to create employment opportunities in Egypt in general, and support green economy projects in particular, as this type of business requires huge investments.
The applicant must have at least 3-year experience in the market, whether a company or an alliance. The initiative does not focus only on the green economy. The online application will run until 17 January 2022.
For projects that create job opportunities for non-profit organisations, the grant will cover up to 75% of the project cost.
Regarding projects that create jobs not limited to the applicant entity but also for for-profit organisations, the grant will cover up to 50% of the project cost.
With respect to projects that create jobs for the applicant only, the grant will cover up to 25% of the project cost.