Shura Council Discusses Agricultural Drainage Finance Agreement With IDB

Shura Council discusses the Agriculture, Irrigation and Land Reclamation Committee’s report on the decision of the Egyptian President to approve the Istisna agreement signed between the government and the Islamic Development Bank (IDB) to finance the third phase of the national program for agricultural drainage with US$ 32.5 million.

The Egyptian Minister of Planning and International Cooperation, Dr. Ashraf Al Araby, signed the Istisna agreement with the IDB to finance the third phase of the project, , as part of the bank’s strategy to help member countries overcome food security problem for which IDB allocated US$ 1.5 billion.

The total cost of the third phase of the project is valued at US$ 350 million.