IFAD contributes $455.6M to finance 13 projects in Egypt

President of IFAD Gilbert F. Houngbo speaks at the South South and Triangular Cooperation conference in Brasilia- Egypt Today/Samar Samir

The International Fund for Agricultural Development (IFAD) contributed $455.6 million to finance 13 programs and projects of rural development, according to Minister of Investment Sahar Nasr.

The minister clarified in a statement that the total cost of these programs and projects hit $829.1 million.

She noted that about 7.1 million of the rural population benefit from these projects and programs.

During a meeting between Vice President of IFAD for Program Management Donal Brown and Nasr, Brown announced choosing Egypt to be the agency’s regional center for about eight countries in the region.

He noted that the focus of the center will be on maximizing technical benefits and integration between the countries in fields of rural development, supporting rural women, raising job opportunities for rural youths, achieving food security and lowering poverty rates.

Brown added that IFAD allocated $1 billion for the center as a start for the cooperation exchange portfolios between the countries in all fields headed by South-South cooperation.

He also praised Egypt’s investment climate and investment opportunities in agriculture, expressing his pride of contributing to provide job opportunities in rural areas and offer technical support for current activities.

Egypt Today


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