Egypt signs loan and grant with IFAD worth $65 million to support Egyptian agricultural sector

Cairo, Nov 2 (KUNA) – Egypt signed today, Monday, with the International Fund for Agricultural Development (IFAD) a loan agreement and a grant agreement totaling $65.5 million to support agricultural development and enhance the sector’s capacity to confront water and climate change challenges.

The Egyptian Ministry of Foreign Affairs said in a statement that the signing took place in the presence of Foreign Minister Dr. Badr Abdelatty, Minister of Irrigation Dr. Hany Suleiman, and IFAD Regional Director Nofel Talahiq, benefiting Egypt’s Ministries of Irrigation and Agriculture and Land Reclamation.

The statement added that the first agreement includes a concessional loan worth 58.22 million euros (equivalent to $65 million) to implement the project “Climate-Smart Water Management in the Nile Valley” under the food pillar of the national platform of the “NOVI” program. The project aims to improve water resource efficiency and strengthen the agricultural sector’s ability to adapt to climate change, thereby boosting agricultural productivity, supporting food security, and improving the livelihoods of farmers and rural communities.

The statement clarified that the second agreement involves a grant of $470,000 provided by the South-South and Triangular Cooperation Facility, funded by the Chinese Ministry of Finance, to support Egypt’s project to enhance resilience and agricultural leadership. The grant aims to support the transfer and adoption of sustainable agricultural technologies, climate change adaptation, and digital agriculture solutions, thereby enhancing agricultural sector productivity and supporting sustainable rural development efforts. (End) M.M. / M.A. H.A.