The announcement was made early on Sunday.
The AfDB's vice-president, Kevin Urama, stated in July that Africa was losing 5 percent to 15 percent of GDP per capita due to climate change.
The CEO of the Sovereign Fund of Egypt revealed that the value of the portfolio ranges between $3 billion and $4 billion, with the aim of raising it to more than $5 billion or $6 billion.
Egypt's Law No. 149 of 2019 regulating the practice of civil work stipulated the establishment of a fund to support projects of NGOs and institutions.
Saad pointed out that the fund's focus now is investing in green economy as well as cooperating with the private sector.
The company will use the proceeds of the financing round to expand the customer base under its HealthTag platform, or “Health Card”; To store and share medical records.
The program focuses on three thematic pillars, including: enhancing macro-fiscal sustainability, enabling private sector development, and fostering women’s economic inclusion.
The EBRD has provided financing for the implementation of 143 projects, more than 75% of which are for the private sector, according to Rania Al-Mashat, Minister of International Cooperation.
The establishment of the fund aims to nurture young talents as they are a promising investment for the future and capable of achieving many gains for the Egyptian market, given what Egypt possesses of distinguished young cadres in various fields, foremost of which is financial technology.
As many as 416,666 workers in 3,824 facilities benefited from the cash money until the end of June 2021, he added during a meeting of the fund's board on Thursday.
These allocations represent a vaccine injection into the arm of the world, and if used wisely, it will be a unique opportunity to combat this unprecedented crisis, according to a statement by the Fund.
The agreement was signed on June 22, 2020 and mainly targets youth and women.
Algebra Ventures will aim to complete the first closure in the third quarter of 2021.
The fund also aims at the entry of new investors, in addition to increasing the solvency and financial capacity of current investors.
Gamea clarified in a statement, Sunday, that these projects provided 195,000 job opportunities.
"Economic diplomacy" is aimed at bridging funding gaps in vital projects in Egypt, Minister Mashat highlighted.
The ministry noted that this fund came as an Egyptian partnership with several financing institutions (the Saudi Fund for Development, the Kuwaiti Fund for Arab Economic Development, the Arab Fund for Economic and Social Development).
The Long Live Egypt fund officially achieved a Guinness record title for launching the largest humanitarian convoy to support one million families at the New Administrative Capital.
President Abdel Fatah al-Sisi met on Sunday with his Advisor for Financial Affairs and Chairman of Tahya Misr Fund.
The Cabinet ratified on Wednesday the initiative of the Arab Fund for Economic and Social Development (AFESD) to push back the due dates of loan installments and interests.