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Invest for Jobs initiative launches project grants worth €10m

The Invest for Jobs initiative is an investment mechanism established by the German Development Bank (KfW) on behalf of the German Ministry of Economic Cooperation and Development (BMZ) inviting companies and public institutions to submit project proposals that contribute to generating sustainable jobs in the private sector.

The initiative offers co-financing grants of €1-10m for each project.

The project selection process depends on the presentation of a competitive study for each project, and priority is given to proposals that are well-established, of high quality, and ready for implementation.

Co-financing is granted only to projects that are most viable in terms of operational feasibility, financial sustainability, and greater business opportunity.

Karim Gad — the initiative’s official in Egypt — said that it targets four types of projects, the first of which is non-profit projects with the aim of creating job opportunities without making cash inflows. The initiative covers 90% of the total investment value of this type of projects.

He added that the initiative covers 75% of the investment value in non-profit projects with the aim of creating job opportunities while achieving cash flows, which is the second type.

The third type is profit-oriented projects that aim to create a substantial number of job opportunities in which the initiative covers 35% of the total investment value.

Finally, the fourth type is profit-oriented projects that aim to create some job opportunities, which the initiative seeks to cover about 25% of the total investment value.

He pointed out that the initiative operates under the theme ‘Invest for Jobs,’ and aims to remove obstacles and investment barriers and create good job and training opportunities in partner countries in Africa, namely Egypt, Cote d’Ivoire, Ethiopia, Ghana, Morocco, Rwanda, Senegal, and Tunisia.

Furthermore, the initiative will launch a special movement for businesswomen to support women’s participation in the Egyptian labour market to submit project proposals in Egypt.

Source: Daily News