Cairo – Mubasher: Egypt has signed an EUR 45 million agreement with the Italian government to support the private sector in the most populous Arab country.
The agreement was signed on the sidelines of the Africa 2018 Forum by Egyptian investment and international cooperation minister Sahar Nasr and Italian ambassador to Cairo Giampaolo Cantini.
The deal is aimed to develop Egypt’s private sector by providing training programmes and technical support to small- and medium-sized enterprises (SMEs), the Egyptian Ministry of Investment and International Cooperation said in a statement.
A part of the financing will be used to supply the productivity of operations of some projects, according to the statement.
Nasr said that Italy ranks the 11th among the largest investors in Egypt with total investments of $2.1 billion into 1,100 firms at the end of September.
The Italian investments in the North African nation offer more than 30,000 jobs, she indicated.
The minister further noted that the agreement will provide financial and non-financial services to the Egyptian private sector and focus on encouraging competitiveness between local SMEs.
