Luxembourg, 03/08/2000 (Agence Europe) - The European Investment Bank is granting a loan of EUR 50 million to Egypt for a drainage programme in the Nile valley and delta regions. Given the environmental nature of the project, this loan, which is granted under the second mandate of the Euro-Mediterranean partnership, will benefit from an interest subsidy financed from the Community budget, noted the EIB in its press release. The project is also financed by the Egyptian States, the World Bank and the German State. The Netherlands will provide technical assistance.
These works, lead by the Egyptian public administration, cover the installation of renovation of drainage canals over 480,000 hectares of irrigated land. The aim is to protect and improve the environment of the farmed areas in the Nile valley and to rationalise the use of scarce water resources, indicates the EIB.