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IFAD, Egypt sign $81 million deal to promote resilience in desert environments

Wednesday 20 February 2019 12:10 PM

Minister of Investment and International Cooperation Sahar Nasr
Minister of Investment and International Cooperation Sahar Nasr

The International Fund for Agricultural Development (IFAD) and Egypt have signed a financing agreement to reduce poverty and enhance food and nutrition security by sustainably improving incomes and resilient livelihoods for 450,000 rural people in the Matrouh Governorate.

The agreement for the Promoting Resilience in Desert Environments (PRIDE) project was signed by Gilbert F. Houngbo, President of IFAD, and Sahar Nasr, Minister of Investment and International Cooperation, Egypt.

The total cost of the project is US$81.6 million, including a $61.9  million loan and a $1 million grant from IFAD. The government will contribute $14 million and the private sector will make up the difference.

"A new development axis for Agribusiness Investments in Egypt, would be a chance though especially in the context of supporting small investors and startups, as well as empowering youth and innovative projects in agriculture sector, with the ultimate objective of sustainability and inclusive growth, ” said Nasr. "The project will be a transformation, and an excellent example of the strategic partnership between with International Fund for Agricultural Development (IFAD) in priority Governorates.”

"IFAD's collaboration through PRIDE will also link to and leverage national initiatives that the Government of Egypt is focusing on, including the Sustainable Development Strategy: Egypt Vision 2030 and a 1.5 million feddan governmental initiative aimed at increasing Egypt's farmlands and fostering livelihood opportunities for young farmers," said Khalida Bouzar, Regional Director, Near East, North Africa and Central Asia (NEN) Division at IFAD. "PRIDE will also benefit from IFAD's experience working with smallholders and settling communities on the new lands."