Italy Plans €10 mln Soft Loan for Egypt’s Agriculture Ministry

Italy is planning to provide an €10 million soft loan for Egypt’s Ministry of Agriculture, Italian ambassador to Cairo Maurizio Massari said on Wednesday.

The loan will be in field of agricultural mechanization, designed for Egypt’s Menya and Fayoum governorates, he added.

This comes on the sidelines of Massari’s meeting with Egyptian Minister of Planning Ashraf El-Araby, where both parties signed an € one million  grant agreement to finance the Economic and Social Development Project in North Coast.

From his side, El-Araby praised the diversity of the Italian-Egyptian development cooperation portfolio which includes multiple financing mechanisms such as the Dept-Swap programme and the credit lines to provide technical and financial support to the SMEs, in areas of food security, education, higher education, agriculture, civil society, environment, and preserving cultural heritage.