A new retail and entertainment centre in the Egyptian capital Cairo will be green and create jobs for young people with support by the EBRD.
The Bank is providing a $200m loan to develop City Centre Almaza, a new retail and entertainment centre owned by Majid Al Futtaim. City Centre Almaza is located in East Cairo and will be launched in September 2019.
The new centre will cover an area of ca. 103,000 m2 and it will be developed in line with latest standards toadopt energy efficiency measures, reduce electricity and water consumption as well as reduce greenhouse gas emissions.
This will help the new centre achieve the Gold level certification under the LEED green building certification scheme. It will be one of the only two LEED Gold certified shopping centres in the country.
At the same time, an on-site learning facility will be created which is expected to improve access to training and employment opportunities in retail and hospitality for young women and men. The participants will develop new skills and gain employment opportunities through the training.
The training will be tailored to employers’ needs and demands and delivered in line with international best practices. This will contribute to addressing Egypt’s high level of youth unemployment through reducing the skills mismatch and improving employability of young people.
The EBRD has invested almost €5bn in more than 90 projects in Egypt since it started operations in the country in 2012. The Bank invests in all sectors of the economy to support the private sector and sustainable development.