World Bank supports Egypt development projects
Cairo, September 18, 2008
The World Bank has offered a $145 million loan to Egypt in support of a venture being implemented by the Ministry of Irrigation and Water Resources to develop water and irrigation projects in the Western Delta area.
The loan will be repaid over 20 years with grace period of eight years.
The project aims at reclaiming 170,000 feddans; 70,000 in Sadat City in Minufiya and 100,000 along the Natroun-Alamein road.
About 15 per cent of Egypt's population will benefit from the project.
The French Development Agency will offer an additional soft loan to Egypt at $30 million in addition to an $8 million grant to serve Egyptian development projects.
This is the World Bank's seventh loan to the Egyptian Ministry of Irrigation to buttress its projects in various governorates, bringing the total loans to $640 million.
Within the coming few weeks, the bank will extend its second loan to Egypt, standing at $500 million, for upgrading the financial and banking sector.
The bank will also offer a $600 million loan to Egypt for establishing the Ein Sokhna power station.-TradeArabia News Service