EBRD provides Egypt with $12 mn loan to support tourism sector

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

The sum is a loan extended to Al-Dau Al-Haram for Hotel Operations for the regeneration of a brownfield site into a Hyatt Regency hotel, to promote the introduction of green technology, and youth and women inclusion in Egypt, EBRD said in a statement on Wednesday.

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

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

It expected that more than 300 jobs will be directly created as well as viable progression routes from training into employment for at least 250 young people.

The project will also include a high-quality training programme, funded by the Swiss State Secretariat for Economic Affairs, and work-based learning opportunities in hospitality and tourism for young people, promoting in particular women’s participation.

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