Caption: Irrigation- CC via -pixabay/AxxLC
CAIRO - 25 November 2021: The Central Bank of Egypt on Wednesday launched a new initiative to finance projects of upgrading water irrigation methods for 4 million acres nationwide.
The $3.5-bilion initiative comes as a part of Egypt’s plan to rationalize water use, by facilitating farmers and encouraging them to switch to using modern and smart irrigation methods.
The benefited farmers shall pay the cost of switching to modern irrigation systems in interest-free installments over 10 years, provided that the first installment shall be paid a year after switching completely to the modern system, the CBE said.
The Central Bank will compensate other banks that are in partnership with the Ministry of Finance.