Arab financiers to help development activities

"Arab fund groups have pledged to provide Egypt with loans of $ 60 million to finance health, education and irrigation projects," a State official said.

Minister of Planing and International Cooperation Ahmed El-Darsh said that $30 million would come from the OPEC Fund for International Development in cooperation with the Arab Fund Economic and Social Development and the Islamic Development Bank. Final signing of the loan is scheduled for next month in Vienna.

"The loan will be divided into three, with $10 million allocated for the Liver Disease Hospital, $10 million for upgrading technical schools and their curricula, and $10 million for irrigation project and other governorates," El-Darsh said.

"The Saudi Fund for Development has pledged $30 million to upgrade local schools and build new ones. The pledge comes in recognition of Egypt's efforts to upgrade its education sector," El Darsh said.