Sayed Badr - 2013-04-24 12:20:21
During his participation in the meetings of the International Monetary Fund (IMF) in Washington, Dr Ashraf Al Araby, Egyptian Minister of Planning and International Cooperation, has signed two loans worth $ 65 million, submitted by the OPEC Fund for International Development (OFID) in order to contribute to financing two ventures for both ministries of agriculture and water resources.
Al Araby, in a statement released this morning, emphasized that the first venture aims to develop the field irrigation as well as to enhance sustainable administration of the water resources in the area of the venture. This will lead to improving the agricultural production. The project will be financed by $ 35 million.
The second loan, which is $ 30 million, would be spent on renewing the irrigation pumping stations, besides eliminating the poverty through improving the quality of water; leading to boosting the production as well as the income in the poor governorates, like Al Behaira, Kafr Al Sheikh, Al Dakahlya and Sharqua. More»