Egypt seeks launching $655mln-Fund to finance Infrastructure Projects

Egyptian Cabinet is studying creating governmental fund with capital worth EGP 5 billion (US$ 654.9 million) to develop state’s infrastructure, Ashraf El Araby – minister of planning- asserted on Wednesday.

The minister added that the fund will finance a number of projects in power, transportation and communication sectors in addition to sewage projects.

El Araby made these remarks on the sidelines of the Tripartite Summit of the East Africa Community (EAC), the Southern African Development Community (SADC) and the Common Market for Eastern and Southern Africa (COMESA) held in Sharm El Sheikh.

He noted that the government is caring for bringing professional administration for the fund within the upcoming period.

On the other side, El Araby clarified that the ministry is coordinating with other ministries to activate the African Trade Zone (AFTZ) agreement.

Moreover, the AFTZ agreement will be a golden opportunity for Egypt the minister elaborated, adding that hosting Africa’s top three economies conveys a powerful message that Egypt got its leading place in the African continent back.