Egypt’s main agricultural bank to inject $127.7mn in desert reclamation project

Egypt’s main agricultural bank, PBDAC is planning to invest one billion Egyptian pounds (US$127.7 million) in the country’s national project of greening one and half million feddans, its chairman said Saturday.

In 2015, Egyptian President Abdel-Fattah El-Sisi has launched an ambitious plan to reclaim one and half million feddans of prospective agricultural land, in a move that hopes to boost the country’s largest economic sector and eventually to drive economic growth through megaprojects.

The agriculture sector constitutes 17 percent of Egypt’s GDP.

Attia Salem – chairman of the Principal Bank for Development and Agriculture Credit (PBDAC) – further told Amwal Al Ghad that the bank’s anticipated investments would support and finance youth-led projects in the greening of one and half million feddans.