Sisi approves €53.2M financing agreement bet. Egypt, IFAD

CAIRO – 15 March 2020: President Abdel-Fattah El-Sisi issued Resolution No. 486 of 2029 approving the financing agreement to promote the harmonization of desert environments (Pride) between the Arab Republic of Egypt and the International Fund for Agricultural Development (IFAD).

The Fund provides to Egypt, pursuant to this agreement, a loan amounting to €53.2 million, and a grant of €860,000 euros.

The agreement was signed in Rome on Feb. 18, 2019.

According to previous official announcements, this project will help in providing new jobs and creating a big investment environment. In addition, the project aims to achieve sustainable development of the desert areas, by developing these urban areas to be ready to establish a full life in them of residential areas, industrial projects and a road network.