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27 August 12:00 AM

Egypt, OFID sign $53.2 m deal for 2nd stage of irrigation network rehabilitation

Egypt signed a $53.2 million agreement with the OPEC (Organization of the Petroleum Exporting Countries) Fund for International Development (OFID) to implement the second stage of rehabilitating irrigation and sewage networks.

Egyptian Minister of Investment and International Cooperation Sahar Nasr signed the deal with OFID Director General Suleiman Jasir Al-Herbish on the fringe of the  Spring Meetings of the World Bank and International Monetary Fund (IMF) in Washington, the Egyptian Investment and International Cooperation Ministry said in a statement on Monday.

The project is meant to improve water irrigation, promote sustainable management of water resources and renovate six pumping stations. 

OFID and the ministry had struck a 30-million-dollar deal for accomplishing the first stage of the project which included refurbshing 10 pumping stations and establishing 10 mobile labs.

The minister underlined that agricultural development is a top priority for Egypt as it is part of the infrastructure.

She said OFID can contribute to supporting several projects, such as the 1.5 million feddan project.

Th OFID director general said the fund's projects in Egypt are going well, noting that he is looking forward to backing the silos project.

He noted that Egypt and the fund had about 641-million-dollar cooperation deals in the fields of health, energy, agriculture and financial services. 

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