LE 850 million additional finance in FY 2001/02

Ahmed El Darsh, the Egyptian Minister of Planning and International Cooperation and Chairman of the National Investment Bank (NIB), approved an additional finance worth L.E. 850 million in the first quarter of FY 2001/02 plan, thus bringing the aggregate allocation to L.E. 3.7 billion to meet the needs of the domestic bodies.

Darsh said his Ministry has allocated L.E. 120 million to the Rural Electricity Authority and L.E. 166 million to the new urban communities.

A sum of L.E. 51 million was earmarked for the Port Said Port Authority and L.E. 94 million to the National Authority for Railways.

The Greater Cairo Water Utility would receive L.E. 783 million and the Sewage Authority L.E. 23 million, he added.

The Ministry of Higher Education will obtain L.E. 42 million while the Youth and Sports Ministry will receive L.E. 12 million.

Additionally, the Ministry of Planning has earmarked L.E. 27 million to the Ministry of Health and L.E. 15.2 million for low-cost housing in Egypt's governorates.

The Ministry had previously approved the earmarking of L.E. 168.8 million to the Ministry of Agriculture and Land Reclamation to develop the agricultural projects and upgrade agricultural research centers.

The Public Works and Water Resources Ministry had received L.E. 557.3 million to fund irrigation projects like Toshka, besides reclaiming 400,000 Feddans in North Sinai.