IFE signs 2 agreements to support EVs industry localization, food industry in Egypt

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The Facility Investing for Employment (IFE) has signed two grant agreements worth €6.5 million with Ghabbour Foundation for Development and the Dutch Ice Cream Company (DARA’s Ice Cream) to create 1,200 direct and indirect job opportunities, according to an emailed release on March 9th.

The deal signed with Ghabbour Foundation aims to localize the electric vehicles (EV) industry in Egypt and create up to 500 job opportunities, IFC’s Managing Director Rauf Khalaf said.

However, the other deal aims to boost the food industry, create 700 job opportunities, improve the work environment for 108 employees, offer vocational training, and expand the company’s business, he added.

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 "Decent Work for a Just Transition".