The U.S. Embassy has announced a $45 million investment in two new initiatives aimed at boosting small businesses and enhancing job competitiveness among students in Egypt. This funding, provided through the Agency for International Development (USAID) in collaboration with the Ministry of International Cooperation, will address the needs of entrepreneurs and vocational school students over four years.
The "Strengthening Entrepreneurship and Enterprise Development" (SEED) program is allocated $22.9 million. Over the next four years, SEED will offer technical support to small businesses across Egypt, aiding them in securing bank loans, developing business ideas, and conducting market research. The program aligns with the Government of Egypt's economic growth strategy and aims to benefit various business sectors, particularly those owned by women or capable of employing significant numbers of women and youth.
Another $22.1 million will be directed towards a new educational initiative named "Workforce Improvement and Skills Enhancement" (WISE). This program seeks to enhance education quality at Egyptian vocational schools by partnering with manufacturing and service companies to develop students' technical skills.
Both SEED and WISE are part of a broader package designed to stimulate job creation, foster economic recovery, encourage private sector growth, and strengthen trade and investment throughout Egypt. In the past three years alone, USAID activities have resulted in over 40,000 Egyptians gaining new or improved full-time employment opportunities along with an additional 20,000 short-term jobs created. Since 1975, nearly $30 billion in economic assistance has been contributed by the U.S. to Egypt.