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Egypt: IFC Approves Investing USD 150 Million in Egypt's Agriculture Sector
Source: 9/23/2017

The executive council of the International Finance Corporation (IFC) has approved injecting dlrs 150 million direct investments into Egyptís agriculture sector, Minister of Investment and International Cooperation Sahar Nasr said.

The minister added that these investments aim at developing Egyptís nutrition sector through the most up-to-date technology used in manufacture in addition to providing job opportunities for the youth, the investment ministry said in a statement

The executive councilís resolution comes one day after President Abdel Fattah El Sisiís key and positive meeting with World Bank President Jim Yong Kim and the agreement they reached on intensifying cooperation between Cairo and all the World Bankís bodies, she said.

On that score, the minister pointed out that the World Bank sees Egypt as a successful model in terms of implementing the economic reforms necessary to achieve sustainable development and support the countryís development march.

Nasr also mentioned that the IFCís approval comes four days after the Multilateral Investment Guarantee Agency (MIGA) approved offering dlrs 210 million as a guarantee for a number of mega international companies taking part in the world's biggest solar energy project in Aswan.

Both the IFC and the European Bank for Reconstruction and Development are participating in the project with total investments of more than dlrs 2 billion.

According to the project, six private local and international companies will set up 11 solar power plants with a total capacity of 500 megawatts in the Upper Egyptian governorate of Aswan at a total cost of dlrs 730 million.

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