The newly-launched Ayadi Company for Employment and Investment is to be key supporter to the small and medium-sized projects in Egypt, Hossam Farid – Chairman of Egyptian Junior Business Association (EJP) – stated on Tuesday.
Farid stated that world countries are depending on the SME projects; which represent 95 % of the European Union’s national income.
“Small and medium-size projects are profitable and a great chance to offer job opportunities, boost exports, and achieve development in the state” Farid added. He said that EJP is focusing on developing small and medium-size companies.
Under the rubric “Let’s Work”, Ayadi Company has been launched early Tuesday, in an attempt to reduce Egypt’s high unemployment rate.
The new company is with an initial capital of 10 Egyptian pounds (US$1.4 billion), divided between the Egyptian government (20%) and private sector (80%).
Egyptian Prime Minister Ibrahim Mahlab has attended on Tuesday the launch of Ayadi Company for Development and Investment, in the presence of ministers of Local Development and Planning in addition to key local businessmen.
Ayadi Company is set to create 500.000 proven job opportunities for Egyptian youth across the country in fields of developmental and small and medium-sized projects.