Egypt, WB sign $ 430 million loan agreements

Egypt on Friday signed with the World Bank loan agreements totaling $430 million, the first to finance railways rehabilitation at $330 million. Egypt''s Minister of Planning and International Cooperation Faiza Abu al Naja said that the first agreement aims to modernize the signaling system, railways and modernization of management and operation of Beni Suef, Assiut line. She added that the second agreement aims to develop the irrigation farm at a total cost of $ 166 million, in which the Egyptian government contributes $ 16 million as a local component and the World Bank contributes $ 100 million in addition to the French contribution of $ 50 million to improve the traditional irrigation system on an area of 200 thousand acres in the Valley and the Nile Delta.