The executive steps for financing the Green Corridor project have started with the aim of increasing the flow of Egyptian horticultural production into European markets via Italy.
Egypt's International Cooperation Minister Fayza Abul Naga signed an executive agreement worth LE 1.9 million with the Italian side to finance a small project that would serve the basic Green Corridor agreement.
The project targets the improvement of economic and social conditions in western Al-Nubariya area by means of increasing the volume of exports of its products. According to Abul-Naga, the costs of the project are expected to hit 90 million Euros.
Abul-Naga said the model project would help improve the economic and social conditions of the west Nubariya area and it would also help provide new job opportunities.
Abul Naga said that the project would be financed through the second part of the program to convert Egyptian debts to Italy into development projects in Egypt. She conveyed that the debt-swapping program contributed to projects such as a rural development initiative costing LE 150 million and a project for sustainable development in Wadi al-Rayan in el-Fayyoum worth LE 12.6 million.
The project has also contributed to building and furnishing schools in various Egyptian governorates, a LE 42.6 million project, as well as a LE 42.6 million project, as well as a LE 162.03 million project to move tanneries from the overcrowded neighborhood of Old Cairo to Al-Robiki.