Social Fund for Development (SFD) obtained €67.5 million European Union (EU) grant through the World Bank towards financing the Emergency Labor-Intensive Investment project (ELIIP) under the frame agreement.
SFD’s Secretary General Hanaa El Hilaly has told Amwal Al Ghad that the agreement comes as a contribution from EU in implementing ELIIP which adopted by the Egyptian government and will be financed by the World Bank with US$20 million so as to face economic slowdown and rising unemployment rate to reduce the increasing rates of poverty.
The agreement aims to find short-term job opportunities and to employee the small local contractors in addition to providing social services for the poor categories to improve living standards.
According to the agreement, labor cost within the financed projects should not be less than 40% of total project cost; 60% of job opportunities shall be allocated to the youth less than 29 years old and contractors/ NGOs shall be selected from among the targeted local communities.
This agreement will create 8.5 million man/days (at a daily wage average of 35 Egyptian Pounds per worker) and around 2300 permanent job opportunities. It will also implement 528 project contracts on social services and initiatives.
Moreover, El Hilaly revealed that negotiations are currently conducting between the Egyptian and Italian governments so as to get €45 million for financing small and Medium projects.