(Ecofin Agency) - Egyptian President, Abdel Fattah al-Sissi (pictured), on Sunday 15 March 2020, issued a resolution approving the financing agreement signed on 18 February 2019, between his country and the International Fund for Agricultural Development (IFAD) for the desert development project.
The agreement will see Egypt obtain a loan of €53.2 million and a grant of €860,000 from IFAD. According to the Egyptian authorities, this funding will be used to create jobs and set an environment conducive to investment in the country's desert areas. It also aims to promote sustainable development in these areas by developing urban areas, industrial zones, and a road network.
Egypt's desert areas are less developed than other regions of the country. Most human and economic activity is concentrated along the Nile, leading to an imbalance at the regional level.