$300 million from the World Bank to Toshki

The World Bank (WB) agreed to dedicate $300 million in the form of loans to private sector companies investing in agricultural development in the Toshki project in Egypt. Four Arab funds also agreed to participate in financing the project.

The Egyptian Minister of Agriculture said that the Arab Fund, the Kuwaiti Fund, the UAE Fund, and the Saudi Fund agreed on financing investment projects in Toshki. He pointed out that the WB's participation will be through the Principal Bank for Agricultural Development. The setting up of an agricultural research unit will be accelerated in order to find out suitable types of seeds for Toshki's soil.

Studies have shown that cotton planted in the Toshki area would yield between 85% and 90 % of the amount of cotton planted in normal soil.