The House of Representatives approved a KWD 50 mn (approx. EGP 3.07 bn) loan on February 1, signed between Minister of International Cooperation Sahar Nasr and the Arab Fund for Economic and Social Development (AFESD) to develop agriculture in Sinai through land reclamation and well drilling, according to the ministry statement.
This comes in response to the Sinai Development Project launched by President Abdel-Fattah El-Sisi. “Parliament’s approval of Sinai’s Water Provision and Agricultural Development project comes in line with what has been previously discussed about the Sinai development project,” Nasr said, referring to the project of upgrading and establishing water networks.
The second project aims to provide the people of Sinai with job opportunities through small and micro enterprises, while the third is to fulfill citizens’ health needs through the establishment of developed healthcare units.
Furthermore, the Egyptian government aims to conduct several developments in the Sinai Peninsula as part of the FY 2016/2017 investment plan, including an industrial zone, establishing a university in Arish, and developing New Rafah City, Invest-Gate reports.
The aim is to turn Sinai into an investment hub, attracting several investments in basic foundations, logistics, electricity, and mineral resources sectors, as well as the housing sector in particular, according to cabinet’s released statement.