To promote the introduction of green technology, youth, and women inclusion in Egypt, the European Bank for Reconstruction and Development is breaking fresh ground with a $12m loan to Al Dau Al Haram for hotel operations for the regeneration of a brownfield site into a Hyatt Regency hotel.
According to a statement on Wednesday by EBRD, the proposed hotel will nest under the wings of the Grand Egyptian Museum and Great Giza Pyramids and serve the new cultural hub of Cairo.
It will allow 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,” EBRD stated.
The development bank explained that the project would include a high-quality training programme, funded by the Swiss State Secretariat for Economic Affairs and work-based learning opportunities in hospitality and tourism for young people, to promote, in particular, women’s participation.
The bank said it would also promote advanced environmental sustainability practices in the Egyptian hospitality sector through the installation of resource-efficient technologies at the hotel.
“The EBRD and Al Dau Al Haram are assessing further innovative climate-change-related technologies with low market penetration in Egypt that would be eligible for support by the Finance and Technology Transfer Centre for Climate Change programme,” it added.
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