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FinancialNews
23-05-22
Egypt still recovers from pandemic lockdowns and unemployment
(MENAFN) After the Covid-19 epidemic began lockdowns across the world in March two years ago, employment stopped and so impactful did the livelihood of Egyptian occupations site Shaghalni.
But the blue and grey-collar recruitment firm, originated in 2016, rebounded stronger than ever last year, but it now going against a new disaster because of the financial effect of the Russia-Ukraine conflict.
With finance narrowed to USD400,000 from just two financiers — billionaire entrepreneur Naguib Sawiris and Egyptian venture capital firm 138 Pyramids — the start-up is concentrating on success and sustainability for the rough road in the future.
Shaghalni founder and chief executive Omar Khalifa stated that “We just need to be wiser with our spending,” adding "But at the same time, I don’t think anything is going to be worse than Covid."
MENAFN23052022000045014228ID1104257211
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