In an attempt to reduce Egypt’s high unemployment rate, a new company was emerged this morning, Ayadi Company for Development and Investment.
Under the rubric “Let’s Work”, 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.
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.
Egypt suffers from a relatively high unemployment rate. It has the 41st highest unemployment rate ranking internationally, according to the Central Intelligence Agency’s factbook.