Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Nasr: Sinai's Development Funds Reach $ 3 Bln.


Sun 19 May 2019 | 11:56 PM
Taarek Refaat

Minister of Investment and International Cooperation Sahar Nasr said on Sunday that the total amount of funding allocated for the development of the Sinai reached around 3 billion dollars.

"About 3 billion dollars worth of funds were raised from several Arab development funds for the development of Sinai," Nasr said.

This came during the expanded meeting chaired by Prime Minister Mustafa Medbouli on Sunday to discuss the executive position of the development plans and projects in the Sinai peninsula.

Several development projects are being implemented in the Sinai, both agricultural and residential, as well as the delivery of drinking water and sanitation facilities.

Nasr added that a strategy for the development of Sinai has been prepared by the Ministry of Housing, which will provide further funding for the implementation of the numerous projects in the near future.

[caption id="attachment_52122" align="aligncenter" width="763"]Bahr al-Baqar Sewage Bahr al-Baqar Sewage[/caption]

She pointed out that a settlement has been approved to implement the wastewater treatment project of Bahr al-Baqar at an estimated cost of one billion dollars. Implemented in coordination between the Engineering Authority and the Ministry of Housing, the project is one of the most important developments plans during the upcoming period. It will help cultivate about 330 thousand feddans east of the Suez Canal, creating more than 40 thousand new jobs.

She pointed out that investors will engage actively in a number of other projects, particularly in the tourism sector.

"90 percent of the funds allocated by the Ministry of International Cooperation for the Sinai projects have been absorbed in the implementation process of allocated projects," she concluded.

Nasr mentioned earlier that Egypt's share of Foreign direct investment (FDI) has increased by more than 40 percent after implementing new bills that serve as a safety net for investors.