Egypt signed with the African Development Bank (AfDB) a deal on the latter's offering of EGP 80 million grant for developing entrepreneurship.

Investment and International Cooperation Minister Sahar Nasr signed the deal with Malinne Blomberg, the Country Manager at African Development Bank Group.

The grant is meant to support entrepreneurship and innovative ideas, especially in the fields of renewable energy, agriculture and handicrafts.

Supporting emerging companies is a top priority for the Investment and International Cooperation Ministry, Nasr said, noting that her ministry cooperates with the higher education ministry to back spreading the culture of entrepreneurship at universities.

Meanwhile, Blomberg said the grant is offered to Egypt to build on the success which it achieved, noting that supporting Upper Egypt and needy areas is a top priority.

She said the bank is keen on offering full support to Egypt in the coming period as President Abdel Fattah El Sisi assumes the rotating presidency of the African Union this year.