Elsewedy Electric secures US$0.80m from HBD for establishment off Elsewedy Technical Academy

EGYPTThe Housing and Development Bank (HDB) has signed a cooperation protocol with Elsewedy Electric to be the main and only partner for establishing a third branch of Elsewedy Technical Academy (STA) in the Sadat Industrial Zone, with an investment of EGP12.5 million (US$0.80m).

This partnership aims to qualify a strong generation of technical education graduates and provide them with the latest specialized curricula in addition to practical training.

This helps them meet the actual needs of the labour market, thus contributing to dealing with unemployment, achieving social justice, and increasing competitiveness in the economic field to achieve sustainable development goals.

The protocol signing ceremony was attended by Hassan Ghanem, Chairperson and Managing Director of HDB, and Ahmed El-Sewedy, Head of the Board of Trustees and CEO of Elsewedy Electric, in the presence of leaders of both parties.

HDB believes that the basic foundation of a comprehensive social and economic renaissance and activating the sustainable development goals is contributing to the development and support of the educational process.

Ghanem stressed that supporting the educational process is a top priority for the bank. The bank pays great attention to supporting technical education, in line with the state’s support to technical education and vocational training.

Those are the real development engine for rapidly growing countries and economies, in partnership and cooperation with the private sector, in support of industrial specializations in various sectors.

Ghanem expressed his happiness with the partnership between HDB and Elsewedy, which is the leading institution in providing innovative technical education and vocational training, in accordance with the latest approved international standards.

For his part, Ahmed El-Sewedy explained that the main objective of STA is to create a generation of scientifically and professionally qualified workforce, to meet the diverse needs of the labour market locally and internationally.

He added that the partnership with HDB contributes to achieving the goal of expanding high-level education and advanced vocational training and qualifying a highly competitive workforce in the labour market, which effectively contributes to the economic development and advancement of the country.

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