Minister of International Cooperation Rania Al-Mashat reveals that Egypt is cooperating with international financial institutions on 13 agricultural sector projects, valued at $545.42m.
Minister Al-Mashat emphasises that the agricultural sector contributes 14% to the Egyptian GDP and provides 28% of total employment opportunities in the country. In addition, this sector absorbs 55% of employment in rural areas in Egypt.
Egypt’s earnings of agricultural exports have increased by 20% in 2019 from 2009, while vegetable exports increased by 40% during this period.
Walid Labadi, International Finance Corporation’s (IFC) Country Director for Egypt, Yemen, and Libya, stresses IFC’s aspiration to work with the Egyptian government and development partners to support the private sector’s sustainable investments in agriculture.
Alfredo Abad, Head of the Regional Office at the European Investment Bank in Cairo, says the multi-partner platforms organised by the Ministry of International Cooperation are an excellent opportunity for the Bank to engage in high-level discussions with ministers from various sectors.