Yesterday, the governments of Egypt and the United States signed four agreements worth USD 60 Mn to boost inter-country activities in the fields of investment, technology, trade, education, science, and health.
The agreements were signed by the Egyptian Minister of Investment and International Cooperation Sahar Nasar and the U.S. Agency for International Development (USAID) Mission Director in Egypt, Sherry Carlin. According to Nasr, the agreements assure and cement the historical ties and economic cooperation between the North African country and America.
The USD 60 Mn will support the framework of investments in the human element via grants dedicated to the creation of jobs, youth training, scientific research, healthcare, family planning, and higher education. Most importantly, the funds will be helping the younger, job-ready Egyptian population learn what the labor markets needs.
The agreements which comprise the second phase of the health improvement management for Egypt, also mark the fourth phase of the Egyptian-American higher education initiative.
The scheme aims to create an educated workforce that increased employment opportunities for tertiary studies graduates. Overall, the effort is hoped to enhance the institutional capacity of Egyptian universities by means of partnerships and increasing scholarships.
Per an official statement, “It includes a partnership between Egyptian and American higher education institutions, scholarships for American colleges and universities, the National Scholarship Program, the University Center for Professional Development program, the School Enhancement Program, and the teaching of science, technology, engineering, and mathematics teachers.”
On the investment promotion arm of the development, the agreement is the third phase of the trade and investment promotion in Egypt. The initiative wants to achieve economic growth by doubling down on trade and investment environments, boosting labor productivity, upheaving SME growth, and improving their access to non-financial services, entrepreneurship, and business development.
The agreement includes supporting the development of medium, small and micro enterprises, entrepreneurship, vocational-technical education, training, and manpower development.
For what is the fourth phase of the Egypt-America science and technology expansion agreement, the signing will be further promoting these elements for idea exchange, information flow, acquisitions of skills and techniques and for peaceful purposes.
“The agreements will help the ministries of higher education and health in the implementation of their programs. The trade and investment agreement will help increase U.S. investments to Egypt in cooperation with the American Chamber of Commerce,” Nasr added.
In 2018, U.S. investments in Egypt reached around USD 22 Bn. Revealing this late last year, Nasr said the current level of economic cooperation between both countries mirrors their unique binding partnership. Some American companies invested and expanded in Egypt by USD 1 Bn in the 2017/2018 fiscal year.
featured Image: Middle East Eye