The Housing and Development Bank (HDB) of Egypt has signed a EGP12.5-million ($795,969) deal with Elsewedy Electric Co S.A.E. to become its sole partner in establishing the third branch of the Elsewedy Technical Academy (STA), Daily News Egypt reported.
STA offers a three-year secondary-level technical education in electrical skills meeting international standards. The ambitious concept was developed by the Elsewedy Electronic Foundation to educate and upskill new generations of young people in order to empower the Egyptian economy.
The deal was signed by HDB Chairperson and Managing Director Hassan Ghanem and Elsewedy Electric Head of the Board of Trustees and CEO Ahmed Elsewedy.
The technical school will be located in the Sadat Industrial Zone.
According to Daily News Egypt, the school will prepare a strong generation of technologically savvy graduates and provide them with the latest specialized curricula in addition to practical training.Â
The deal is aimed at creating a new wave of qualified technical professionals on the Egyptian market to reduce unemployment and increase competitiveness.
Elsewedy Electric Co S.A.E.
Elsewedy Electric Co S.A.E. is a Cairo-based multinational electrical company founded by the Elsewedy family. The company manufactures and sells integrated energy products and services, including electrical cables, accessories and other products, telecommunications products and transformers.
It was founded in 1938 and also builds sustainable energy and infrastructure projects.
Elsewedy is the president and CEO of the Cairo-listed company.
Housing and Development Bank
HDB is an Egyptian bank established to alleviate housing shortages by narrowing the gap between the low supply and increasing demand. The bank, whose services cut across insurance, trade finance, credit cards, financial services, loans and real estate financing, generated EGP265 million ($16.87 million) in revenue as of 2016.
