CedarBridge's Tamkeen and Egypt's Industrial Training Council Invest EUR 100 million in Vocational Training
Tamkeen signs with the Government of Egypt to train and employ one million workers over 7 years
Cairo, Egypt, CedarBridge, a regional private equity firm, announced that its portfolio company Tamkeen will invest at least EUR 100 million to train and employ 1 million workers inside and outside Egypt. This investment is in collaboration with the Government of Egypt's Industrial Training Council.
The project was marked in a press conference held in Cairo by HE Hatem Saleh, Egyptian Minister of Industry, and Imad Ghandour, Managing Director of CedarBridge. Ambassadors representing several countries and number of Egyptian ministers also attended including, HE Mr. Khalid Al Azhari, Egyptian Minister of. Manpower and. Immigration, DR. Osama Yasin, Minister of Youth, along with businessmen and leaders representing the industrial sector.
HE Hatem Saleh, Egyptian Minister of Industry, and Imad Ghandour, Managing Director of CedarBridge
The agreement signed by both CedarBridge and Industrial Training Council aims to invest at least EUR 100 million to train one million Egyptian youth over a seven year period, applying latest techniques, international standards, and international certification.
The parties running the project will fulfill its objective through appointing world class industrial and services training companies from around the world to train and accredit the youth enrolled in the program with certificates that enhance their career opportunities and meet the demand, not only in Egypt, but extend to include countries in the Arab world.
The press conference also witnessed the signature of several agreements between CedarBridge and international education companies, including Pearson, Festo, TUV Nord Egypt, and Plato.
Commenting on the agreement, Imad Ghandour said "This project is a milestone, with the government, investors, educational institutes, and employers all working together to create more jobs for young Egyptians.
"We would like to thank the Government of Egypt and the Minister of Industry for supporting us in achieving our objectives. We are also proud of our international partners who represent flagship names and have a successful track record in vocational training and who will bring in their experiences to fulfill the ambition of these young men and women.'
He added, "We are pleased to announce that the first graduates of the program will be employed by May 2013."