Arab Investment Bank (AIB Egypt) contributes around 5% to the paid-up capital of the newly-founded Ayady Company for Investment and Development, the bank’s chairman announced today.
According to AIB chairman Hani Seif El-Nasr, Ayady Company is expected to achieve a remarkable success in the coming period and to contribute to solve one of the country’s major economic challenges, the unemployment.
Speaking to Amwal Al Ghad on Wednesday, Seif El-Nasr said the paid-up capital of the new company will range between EGP 1-2 billion.
Under the slogan of “Let’s work”, Ayady had been launched on Tuesday, with the aim of creating 500,000 job opportunities in the field of small and medium enterprises (SMEs).
The company has been founded with an initial capital of EGP 10 billion, of which 20% is a government contribution and 80% is from the private sector. Ayady for Investment and Development aims to stimulate local development and boost employment in Egypt’s governorates
In earlier statement following the launch of Ayady, Egyptian Minister of Planning Ashraf Al-Araby said the new company will provide training, feasibility studies, funding and export opportunities to young entrepreneurs, said the minister, acting as an “incubator” for nascent projects, with an on-the-ground presence in Egypt’s 27 governorates, said El-Araby.
The Egyptian minister also revealed the stakeholders in Ayady include National Investment Bank, Arab Investment Bank, Faisal Islamic Bank, Egyptian Awqaf Authority, Long Live Egypt Fund, and Social Fund for Development (SFD), in addition to civil society organisation Misr El Kheir Foundation. Private backers include the Federation of Egyptian Industries (FEI), Egyptian Junior Businessmen Association, and the Federation of Egyptian Chambers of Commerce.
The company will provide training, feasibility studies, funding and export opportunities to young entrepreneurs, said the minister, acting as an “incubator” for nascent projects, with an on-the-ground presence in Egypt’s 27 governorates, said Al-Araby.