WB ap­proves $430 mil­lion in loans to Egypt

The Pak Banker - - Company & Boss News -

CAIRO: The World Bank ap­proved two loans to Egypt to­talling $430 mil­lion for it to de­velop its rail­way net­work and mod­ern­ize its ir­ri­ga­tion's mech­a­nisms. They come un­der the World's Bank strat­egy for Egypt which comes to an end in the New Year.

The first loan, of $330 mil­lion, pro­vides ad­di­tional fi­nanc­ing to the Egypt Na­tional Rail­ways Re­struc­tur­ing Project (ENRRP). It will go to­wards mod­ernising the sig­nalling sys­tems on dif­fer­ent lines, the bank's Coun­try Di­rec­tor for Egypt, Ye­men and Dji­boutito, David Craig re­vealed to Ahram On­line. The sec­ond loan will go to­wards Egypt's Strat­egy of Sus­tain­able Agri­cul­tural Devel­op­ment 2030, the first phase of a long-term na­tional pro­gram to mod­ernise ir­ri­ga­tion on 5 mil­lion fed­dans (about 0.42 hectares). The project aims to in­crease agri­cul­tural ef­fi­ciency and im­prove ac­cess to high qual­ity wa­ter for around 140,000 small-scale farm­ers. -PB News

IS­LAM­ABAD: Chief Min­is­ter Gil­git-Baltistan Syed Me­hdi Shah called on Fed­eral Min­is­ter for Law, Jus­tice and Par­lia­men­tary Af­fairs Dr. Babar Awan. -On­line

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.