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Signature of a Grant for the Financing of a Pilot Project Utilizing Organic & Bio Farming Technology in Oil-Crops in Northern Sinai Governorate the Arab Republic of Egypt
A Grant Agreement was signed today in Cairo between the Government of the Arab Republic of Egypt and the Kuwait Fund for Arab Economic Development, whereby the Kuwait Fund provide a Grant in the amount of the total amount of one hundred thousand Kuwaiti Dinars (KD 100,000), (equivalent to five million Egyptian Pounds) to begin the implementation of the pilot Project Utilizing Organic & Bio Farming Technology in Oil-Crops in Northern Sinai Governorate.
The Agreement was signed on behalf of the Government of the Arab Republic of Egypt by Her Excellency Dr. Sahar Ahmed Mohammed Abdul-Moniem Nasr, the Minister of Investment and International Cooperation, and on behalf of Kuwait Fund for Arab Economic Development by Mr. Abdulwahab Ahmed Al-Bader, Director-General of the Fund.
The Project aims to improve farmers' income level, and finding new marketing outlets, and increase the country's revenue from the agricultural national income, by increasing exports of oil crops, so as to contribute to the North Sinai development. The Project will be implemented in East Qantara Research Station (188 hectares) and Research Station Baloza (200 hectares) on a tributary of the Al-Salam Canal in northern Sinai, a subsidiary of the Egyptian Desert Research Center.
It is worth mentioning that the number of development finance extended by the Fund to the Arab Republic of Egypt are 43 loans with a total amount of about KD 815 million equivalent to about US$ 2.77 billion to finance projects in various sectors.
The Fund also provided to the Arab Republic of Egypt with 14 technical assistance and grants with a total amount of KD 3.3 million equivalent to about US$ 11 million allocated for various purposes including the financing of technical and economic feasibility studies for certain projects. Kuwait Fund also administered two grants made by the Government of the State of Kuwait and amounting in total to about KD 4.8 million equivalent to about US$ 16.8 million for the purpose of reconstruction of schools damaged by the earthquake in 1993 and villages affected by floods in 1995