IFAD to provide Egypt $60M in 2017: minister

CAIRO – 6 August 2017: The International Fund for Agricultural Development (IFAD) will provide $60 million in fund this year for development projects in Marsa Matrouh governorate, Minister of Investment Sahar Nasr said Sunday.

The fund will be used in a project to compile rainwater to benefit from it in agriculture projects, Nasr said in a statement.

Nasr made the announcement during a visit to Marsa Matrouh Sunday, where she said that the government will undertake development projects in partnership with the private sector.

West Egypt development project, called for by President Abdel Fatah al-Sisi, includes investment opportunities to develop the northern-western coast of the Mediterranean, including building economic and tourist center and urban communities.

Nasr said that a workshop will be held soon for potential investors, “so that they can draft schedules for implementing their project,” she said.