ICEC

Egyptian National Corporation for Investment in Africa to be established

Egypt’s Cabinet has granted on November 7 the Ministry of Agriculture and Land Reclamation, and other public institutions the approval to establish The Egyptian National Corporation for Investment in Africa.

Details of the Project

Amid his visit to Tanzania in 2017, President Abdel Fatah al-Sisi ordered the cabinet to execute agrarian and livestock projects in partnership with the African country.

Egypt will benefit from the large Tanzanian livestock resources and open markets for its products in the continent while transfer its agricultural technology and expertise to African countries.

Financing will be covered by the budget allocated to the Joint Egyptian-African Farms project in the financial year 2018/2019.

Parliament

Head of Agriculture and Irrigation Committee at the Parliament Hesham al-Sheany told media that the corporation will boost cooperation with the Nile Basin countries in the agriculture sector.

Parliamentarian Mohamed Saad Temraz affirmed that the committee will host representatives of the ministry in few days to explain the prospective corporation’s mission, and how it will deal with countries in the continent.

Temraz told Egypt Today that the corporation can be a first step to start land reclamation in fellow African countries, especially Tanzania.

He added that it is important to determine if the purpose for which the corporation will be established is to either make benefit of livestock in some African countries or create a joint Egyptian-African agricultural market.

Parliament Member Othman al-Montaser told Egypt Today that the committee will discuss with the ministry the potential outcome Egypt will achieve of such project, the size of that investment, how funds will be secured, and the corporation’s work plan.

Source: Egypt Today

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