FILE - Minister of Planning Hala El-Said
CAIRO – 28 November 2017: The government is directing LE 1.89 billion in investment in North Sinai governorate during fiscal year 2017/18, Minister of Planning Hala el-Said announced Tuesday.
In a statement, Said noted that the agriculture sector is dominating the largest share in the projects at LE 505.5 million, followed by LE 281.9 million in the construction sector.
The government is increasing its focus on North Sinai as a number of terrorists stormed Al-Rawdah Mosque in west Arish City during Friday prayers and detonated an explosive device, leaving 305 dead.
In November, Minister of Investment Sahar Nasr signed two KWD 17.5 million ($57.8 million) agreements with Kuwait Fund for Arab Economic Development (KFAED) for the development projects in North Sinai.
The first KWD 12.5 million-agreement will finance connecting water networks in Al-Arish City, as part of the government's program to develop North Sinai, a statement from the Ministry of Investment said.
Meanwhile, the second KWD 5 million-deal will be used in the reclamation project of 400,000 feddans in the governorate to improve the development and social aspects in North Sinai.
The funding comes within a $900 million deal between Egypt and KFAED to finance development projects in the Sinai Peninsula over three years.
Targeting the improvement of living standards in the peninsula, the program will contribute in increasing the arable area, creating a residential complex and introducing job opportunities.
The Saudi Fund for Development is also contributing $340 million dollar for North Sinai development projects.
There are 19 undergoing development projects, according to official statements.
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