Arab funds pledge $1.5 billion finances for Sinai development scheme

Arab financial institutions are pledging to provide Egypt with $ 1.5 million annually in favour of Sinai Development Project, said Egyptian Minister of International Cooperation Sahar Nasr on Sunday.

The Minister has met Sunday with representatives from Arab and Islamic Investment funds so as to present the state’s development plan. During the meeting, she stressed the importance of strengthening the ties between the Arab funds and Egypt to achieve sustainable development.

The Sinai Development Project (NSADP) as proposed by the Egyptian Government envisages number of projects worth US$ 1.5 million in different sectors such as housing, roads, agriculture and educational development. The project aims at expanding economic development plan, improving income distribution, and generating employment through the settlement of smallholders and graduates from the over-populated rural areas of Egypt.

On the sidelines of the meetings on Sunday, Minister Nasr has signed 1.2 billion Egyptian pounds agreement with Arab Fund for Economic and Social Development, dedicated to finance waste water project near El-Rahawy drain.