“Investing for Employment” Signs a Grant Agreement with “Creative Power Solutions” Supporting the Green Economy Projects in Egypt

The Investing for Employment initiative signed a grant agreement with Creative Power Solutions AG, the first beneficiary of the Calls for Proposals (CfP) for the green economy projects in Egypt.

The Facility Investing for Employment (IFE) is an investment Facility created by KfW Development Bank (KfW) on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) as an integral part of the Special Initiative on Training and Job Creation.

Under the agreement, the initiative provides the company with a grant of 2.7 million euros, which represents 50% of the total investment volume for the project to build the first facility of its kind to manufacture solar thermal collectors in Egypt and the Middle East.

Rauf Khalaf, Managing Director of Investing for Employment, said that accepting the projects applying for the grant depends on presenting a competitive study that is in line with the needs of the general market, and has a high degree of readiness for implementation.

He added that the initiative is not for profit, but rather to create sustainable jobs, stressing that the project contributes to creating job opportunities and providing suitable wages for workers.

It is noteworthy that the Investing for Employment initiative was launched in November 2021, and it aims to provide co-financing grants for green economy projects ranging from one million to 10 million euros per project. The selection of projects is based on a competitive submission process, where priority is given to proposals that are complete, high quality and ready for implementation.