Ministry signs agreement with Chinese firm to support projects in Upper Egypt
- Egypt and China sign funding agreement
- Funds to support One Million Acres project
Egypts Ministry of Housing, Utilities & Urban Communities has signed an agreement with an undisclosed Chinese firm to fund infrastructure projects in Upper Egypt.
The Chinese company has not been named, although the ministry has released preliminary details of what the funds will be used for. Local reports say the agreement is for $100m, but a ministry spokesperson has refused to confirm this.
The funds will be used to support the One Million Acres project in the West Minya area in the south of the country.
The project will comprise five agricultural villages with a total population of 25,000, to make use of the fertile lands and cultivate different crops, said housing minister Mostafa Madbouly in a public statement released on 15 July.
The minister also said land that cannot be used for agriculture will be developed into fish farms and housing for the local population.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.