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German-government backed Facility Investing for Employment (IFE) has signed two grant agreements with Egypt-based Ghabbour Foundation for Development and Dutch Ice Cream Company (DARA’s Ice Cream) to support their expansion plans.
IFE was created by KfW Development Bank (KfW) on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) as part of the Decent Work for a Just Transition initiative.
Rauf Khalaf, IFE’s Managing Director said the grants extended to Ghabbour Foundation for Development and the Dutch Ice Cream Company (DARA’s Ice Cream) total 6.5 million euros, noting that IFE aims to foster/reinforce various industries and create more job opportunities through its facility.
George Sedky, Secretary General of the Ghabbour Foundation for Development said the grant would help its consortium with International Trade and Marketing Agencies (ITAMCO) to create 500 new jobs, wherein 125 jobs will be at the consortium level while 375 new jobs will be created at third party entities.
He said: “We will also provide cutting-edge technologies to create an environment-friendly ecosystem for the EV car sector, including maintenance and sustainable automotive paints. The project’s total investment cost is €1.3 million with €1 million from IFE and the consortium providing the rest.”
The agreement with Dutch Ice Cream Company aims to expand existing capacity and create 700 new jobs, improve the working conditions and technical skills of 108 employees, and grow the business of supply chain partners.
Dara Ghosheh, cofounder of the Dutch Ice Cream Company said the company aims to establish a mid-sized factory with production capacity of up to 4,110 tonnes/year from existing 268 tonnes/year. She said the €5.55 million grant accounts for more than 43 percent of the total investment.
“This grant will provide the necessary support for localisation, including procuring flavours and colours, sustainable packaging supplies and other consumables from local suppliers,” she said.
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
