Cairo – Mubasher: The Facility Investing for Employment (IFE) has signed two grant agreements worth a total of EUR 6.50 million with Ghabbour Foundation for Development and the Dutch Ice Cream Company (DARA’s Ice Cream).
The agreements come in support of the electric vehicles (EV) industry to endorse production expansion besides enhancing the food and beverage sector, with an objective to create 1,200 new job opportunities.
They also aim to improve the working conditions of the existing jobs and lift barriers to the creation of additional and better jobs in the private sector, according to a press release.
Managing Director at IFE, Rauf Khalaf, commented: “The agreement with Ghabbour Foundation and International Trade and Marketing Agencies (ITAMCO) as a consortium targets supporting the government efforts to increase investments in the EV industry.”
Khalaf elaborated: “To achieve this, the consortium will develop vocational training in Egypt matching international standards and bridging the gap between the industry requirements and the graduates of vocational education in terms of skills and competencies. The grant will contribute to creating a total number of 500 new good jobs.”
The official added: “On the other hand, the agreement with the Dutch Ice Cream Company (DARA’s Ice Cream) targets creating almost 700 new good jobs, alongside improving the working conditions of 108 employees in the company’s different departments, as well as participating in vocational education and qualifications. It also aims to help the company’s suppliers and farmers grow their businesses.”
It is worth noting that IFE is an investment facility incorporated by KfW Development Bank on behalf of the German Federal Ministry of Economic Cooperation and Development (BMZ).
Secretary General of the Ghabbour Foundation for Development, George Sedky, said: “The grant will help us create 500 new jobs, among which 125 jobs will be at the Consortium level and 375 new jobs at third-party entities.”
Sedky added: “The project’s total investment cost is EUR 1.34 million, IFE plans to invest EUR 1 million towards the project and the remaining is cash contribution provided by the Consortium.”
Co-Founder of DARA’s Ice Cream, Dara Ghosheh, said: “The factory shall be producing larger batches of ice cream as well as packaged ice cream for supermarkets, bakery items, chocolate items, nut paste, and sauces while maintaining its brand identity, with a grant of EUR 5.55 million, which is more than 43% of the total investment volume.”
