Competition launched by Nahdet El Mahrousa, Barclays Bank Egypt received 234 applications from 10 governorates
Nahdet El Mahrousa (NM), with Barclays Bank Egypt, have launched the seventh round of incubation for the “Social Innovation for Employment” competition, which will award five to seven social enterprises with a core focus on job creation among youth. The competition deadline is January 6th, 2014 and the winning social start-ups will receive capacity building services, technical assistance, infrastructural support and seed funding for a period of two years.
“For every start-up that is born, at least five people are employed, directly building the Egyptian economy” said Loay el Shawarby, Nahdet El Mahrousa’s Chairperson. “There are many passionate Egyptians out there with great ideas for start-ups. What we are looking for in this particular competition is not just any entrepreneurial idea, but one with a mission to create jobs and contribute to curbing unemployment among Egyptian youth.”
In November, the Central Agency for Public Mobilization and Statistics (CAPMAS) released a report revealing that unemployment reached 13.4% by September this year. Three years ago, this figure was only 8.9%. From the total unemployed population, Egyptian youth ages between 20 and 24 make up 39.3 %.
Edward Marks, Barclays Bank Egypt Managing Director said : “Social Innovation for Employment is a commitment to empowering the next generation of Egyptians. By supporting these high-potential social entrepreneurs through NM, we aim to create five to seven enterprises to be recognized as “Barclays Job Creators” and between 2,000 to 7,000 beneficiaries will receive access to job creation programs that help them connect with real job opportunities.”
One of the previously incubated social enterprises through this program is Nawaya, a non-profit green business focused on developing sustainable agricultural systems. “Operating under the umbrella of Nahdet EL Mahrousa has really propelled us forward and helped us achieve so much, a lot faster than we would’ve done on our own. This is a program that is making powerful impact among Egyptian youth and in the Egyptian economy, one start-up at a time,” said Sara El Sayed, co-Founder, Nawaya.
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