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Skip Navigation LinksHome :: Markets/asset classes :: Middle East and Africa :: WB offers USD 145mn loan to support Egypt’s irrigation projects.

Tuesday, September 2, 2008

WB offers USD 145mn loan to support Egypt’s irrigation projects.





WB offers USD 145mn loan to support Egypt’s irrigation projects. The World Bank offered USD 145mn 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 Middle East News agency reported. 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%t of Egypt 's population will benefit from the project, according to Egyptian Minister of International Cooperation, Fayza Abul-Naga. This is the World Bank's seventh loan to the Egyptian Ministry of Irrigation to support its projects in various governorates, bringing the total loans to USD 640mn, Abul-Naga said. Within the coming few weeks, the WB will extend its second loan to Egypt , standing at USD 500mn for upgrading and supporting the financial and banking sector. It will also offer a USD 600mn loan to establish El-Ein Sokhna power station.







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