Toshka, North and Middle Sinai projects investments hit LE 6 billion

The volume of Investments channeled to the Egyptian mega projects hit so far L.E. 12.4 billion including L.E. 6 billion to Toshka, North and South Sinai, L.E. 3 billion to East Port Said and L.E. 3.4 billion to the west of Gulf of Suez.

The private sector contributes with about L.E 3 billion in these total sums, said Minister of Information Safwat Al Sherif following the meeting yesterday of the Major Projects Committee which reviewed under Prime Minster Atef Ebeid the executive situation and timetables of execution and the executive structure of projects and the funds allocated to carry out these projects.

Al Sherif said that these projects include the following:

First Project: Toshka project: which aims at reclaiming 540,000 feddans in addition to the main pumping station.

He said that a report presented to the committee indicates that the rate of execution in pumping stations has reached 75 percent and 50 percent as regards canals and branches. Average execution reaches 60 percent with regard the to project.

The Minister said that the committee reviewed the situation in regard to the pumping stations which will be operated in October 2002.

The first branch of the canal is devoted to the reclamation of 100,000 feddans allocated to a principal investor.

He pointed out that the first two stations from which water will be gushed out will cover the needs of the project in the first stage.

When water flows, 2,000 feddans will be reclaimed. There is a timetable to which the investor is committed to reach full plantation up to 2010 through integrated agricultural and industrial development projects based on the agricultural produce.

As regards the second branch, it aims at the cultivation of 120,000 feddans for agricultural reclamation companies.

Work has been accomplished in an experimental farm covering 500 feddans and the plan is to cultivate 10.000 feddans annually up to 2010.

The third project is related to the north delta. The area of land round the circular road amounts to 200,000 feddans.

It is planned to set up an integrated agricultural investment entity and to set up farms the produce of which will be devoted for exports.

The Borg Al Arab and Alamein airports will be used in export operations.

The Minister of Information said the committee reviewed steps taken in the project east of Port Said to set up an industrial-trade investment area and the executive situation regarding this area.