World Bank loan to support Egypt agriculture sector
The Board of Executive Directors of the World Bank on Monday approved two loans to Egypt. The first is to finance a project for the modernization of the irrigation system, valued of US$100 million and the second for additional funding to a project to upgrade the railway system with a loan of US$330 million.
The World Bank approved last month a loan of US$ 100 million to support the project for the modernization of the irrigation system in Egypt. The project aims at increasing the agricultural profitability and improving access to water for about 140,000 small farmers in Zmamat Mahmudiya and Almnaifah in the Nile Delta.
Agriculture remains a vital sector in Egypt, as it employs about 30% of the workforce in this country. It is also a source of income for about 55% of the population despite its declining share in the GDP.