Investors plug L.E 12.4 billion into mega-projects
Egypt, Economics, 10/2/2001

"Investments in Egyptian mega-projects have hit LE 12.4 with the private sector contributing nearly one quarter of the amount," a state official announced yesterday.

Minister of Information Safwat el-Sherif said investors had provided L.E billion to Toshka, L.E 3 billion to the East Port Said project and L.E 3.4 billion to a project west of the Gulf of Suez. Private sector contributions to these projects have topped L.E 3 billion.

Sherif said that the Toshka mega-project would reclaim 540,000 acres of desert land for cultivation using water funnelled from Lake Nasser. He said a committee recently reviewed a report in that 75 percent of the project's pumping stations and 50 percent its canals were already complete. 'The Toshka mega-project is 60 percent completed,' the report said.

"The first two stations from which water will flow will cover the needs of the project in the first stage and irrigate 2,000 acres," Sherif said.

Investors are committed to full implementation of the stage by 2010, and plan to cultivate 10,000 acres annually.

"The second stage of the Toshka mega project aims at cultivating 120,000 acres for agricultural reclamation companies," he said.

The committee also reviewed steps taken to set up an investment zone in East Port Said as well as a project in the north Delta area to reclaim 200,000 acres for cultivation.

Previous Stories:
  Ebeid reviews increasing investments and development of industrial zones   (10/1/2001)
  Egypt opens major suspension bridge soon   (10/1/2001)
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