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TunisiaEuropean Bank for Reconstruction and Development supports Egypt’s tourism sector
The European Bank for Reconstruction and Development (EBRD) is breaking fresh ground with a US$ 12 million loan to Al Dau Al Haram for Hotel Operations for the regeneration of a brownfield site into a Hyatt Regency hotel, to promote the introduction of green technology, and youth and women inclusion in Egypt.
This new hotel will nest under the wings of the Grand Egyptian Museum and Great Giza Pyramids and serve this new cultural hub of Cairo, allowing local and international tourists to experience world heritage sites representing 4,000 years of Egyptian history.
The development of this hotel will address significant inclusion gaps in Egypt, in relation to youth unemployment and skills mismatch. It is expected that more than 300 jobs will be directly generated and viable progression routes from training into employment will be created for at least 250 young people.
The Bank will also promote advanced environmental sustainability practices in the Egyptian hospitality sector through the installation of resource efficient technologies at the hotel.
Egypt is a founding member of the EBRD. Since the start of the Bank’s operations there in 2012, the EBRD has invested over €7 billion in more than 125 projects in the country.
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Egypt
