Investment zone to be established as part of 1.5m feddans project

An investment zone will be established as part of the project on cultivating 1.5 million feddans, Cabinet spokesman Hosam Al Qaweesh said Monday.

A board of directors will be appointed for the zone that would be in charge of managing all targeted development areas of the project, he added.

This comes in the wake of two meetings held by Prime Minister Sherif Ismail over two days to discuss the final preparations for the project, to be inaugurated by President Abdel Fattah El Sisi by the end of the current month, according to the spokesman.

Earlier in the day, the prime minister said measures to establish a company to execute the project on cultivating 1.5 million feddans would be finalized by next week.

The company will manage the project at the economic level, including loans to ease the burden on the state's budget, Ismail added.

The project will be set up on three phases, the prime minister said, clarifying that 500,000 feddans will be allocated for each.

All relevant technical studies were conducted and finished, he underlined.

The new company will serve as an umbrella for the bodies concerned, the premier said, noting that responsibility is divided among a number of ministries.

According to the cabinet spokesman, the company will also be responsible for establishing, developing, managing and promoting the new investment zone.