Egypt signs $53.2M loan agreement with OFID

CAIRO – 23 April 2018: Egypt signed a public sector loan agreement with the OPEC (Organization of the Petroleum Exporting Countries) Fund for International Development (OFID) for $53.2 million, according to the OFID’s statement.

The statement clarified that this loan comes to finance rehabilitation and irrigation, and drainage pumping stations project phase II.

The signing took place on the sidelines of the Spring Meetings of the World Bank and international monetary fund in Washington by Minister of Investment Sahar Nasr and OFID Director-General Suleiman J al-Herbish in the presence of Egypt’s Ambassador to Washington Yasser Reda.

The 2018 Spring Meetings took place in Washington, DC, from April 20 to April 22, covering issues about the monetary policy, the economic and social program of the government and the progress made in the Egyptian economic reform program.

Nasr commented that the ministry provided about $30 million of the OFID’s loan to replace and refurbish 10 pumping stations and supply spare parts, and 10 mobile laboratories in Phase 1 of rehabilitation and irrigation, and drainage pumping stations project.

The loan agreement will also replace and repair pumping stations for irrigation in order to increase agricultural production, the statement added.

It clarified that this agreement will help to increase incomes and food security for more than 380,000 people.

Nasr added that agricultural development is a priority for Egypt because it is part of the infrastructure, referring to projects of 1.5 million feddans and silos, which the Fund can contribute to support.

“We work in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world,” Herbish said.