Budget for event will instead be used to fund development initiatives Event was set to start later this month CAIRO: In response to a host of global economic challenges, this year’s World Youth Forum, which was set to start later this month, has been canceled, its organizers said on Saturday. Instead, the budget for the event, which was to be held in the Egyptian town of Sharm El-Sheikh, will be used to fund the implementation of five development initiatives aimed at young people in Egypt and beyond. This year would have marked the fifth edition of the forum, with the fourth being held in January last year. The event is organized by the Presidential Program for Qualifying Youth for Leadership. It said the decision to cancel this year"s conference was an acknowledgment of the multiple crises facing the world that have put huge humanitarian and economic pressures on nations and governments. Among the beneficiaries of the redirected funding is a series of international exchange programs for young people. These will be arranged in cooperation with the Decent Life Foundation, National Alliance for Civil Development Action, Arab Union for Volunteering and UN Volunteers Program. Parliamentary Counselor Issam Hilal Afifi told Arab News that the proceeds from the sponsorship rights to this year’s forum would be redirected toward a large package of initiatives. Dr. Muhammad Mahmoud Mahran, secretary-general of the International Committee for the Defense of Water Resources, said the move would also enable recommendations made at the previous forum to be implemented. The planned initiatives would have a positive impact at the local, African and global level, he said.