عربــى

EGX 30 13,646.26 0.90%

Planning minister approves LE143m for North Sinai projects

Planning minister approves LE143m for North Sinai projects

Cairo: Minister of Planning Hala El-Said accredited a total value of LE 143 million for development projects in North Sinai, a Monday statement from the ministry reported.

Around LE 23 million were directed to the Ministry of Irrigation and Water Resources for sanitation projects, while another LE 2.6 million were allocated for developing education directorates.

A separate LE 30 million was set aside for a project to upgrade the lakes to be used in fish-farming projects. Other funds will be spent in localities and establishing small industrial complexes.

The government is directing LE 1.89 billion worth of investment in North Sinai during the fiscal year 2017/18, according to El-Said.

In November, Minister of Investment Sahar Nasr signed two KWD 17.5 million ($57.8 million) agreements with the Kuwait Fund for Arab Economic Development (KFAED) for 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 development and social aspects in North Sinai.

The funding agreement is under 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 arable area, creating a residential complex and introducing job opportunities.

The Saudi Fund for Development is also contributing $340 million for North Sinai development projects.

There are 19 currently undergoing development projects, according to official statements.

 

Source: Egypt Today

#Related keywords

All rights reserved to Arab Finance 2015 ©

Back to top