World Bank lauds Egypt's agriculture sector

The World Bank mission currently visiting Egypt hailed the progress Egypt has maintained, over the past years, in agriculture sector including the liberalization of the crops prices and providing necessary finance to develop this vital sector.

The mission is expected to approve Egypt's Principal Bank For Development and Agricultural Credit's demand on getting a loan worth $ 300 million including a sum of $ 75 million with less than an interest rate of one per cent. WB official said that the mission is to visit Egypt once more in March 2000.

The loan will be used to support farmers and investors in the national projects of Toshka and Sinai, as soft loans will be offered to cultivate lands. It will also boost agricultural production, develop the sector and establish agro-industrial projects in new areas.