IFAD loans Egypt $70mn for agriculture projects

Big 5

The International Fund for Agricultural Development (IFAD) is financing Egypt’s Sustainable Agriculture Investment and Livelihoods Project (SAIL) with funds of $70 million. It also plans to a grant of a $7 million to help junior farmer adapt to the problems resulting from climate change and water scarcity.

Egyptian Minister of International Cooperation Sahar Nasr met Wednesday a mission group from IFAD headed by Michel Markaz to discuss current and future projects in Egypt.

The IFAD mission confirmed that technical assistance would be provided to Egypt in the field of rural finance to overcome obstacles in this sector.

The mission said it will finance an integrated agriculture development project, the plans for which will begin in the next period.

IFAD started its programmes in Egypt in 1980 which have benefitted about 1.154 million rural families by financing 12 projects with investments of $392.7 million, at a total cost of $747.5 million.

Source: The Daily News Egypt