Al Ahly Co. for Land Reclamation & Cultivation will be reclaiming 10,000 feddans in Farafra area at a total cost of 200 million pounds, said Hisham Okasha, board chairman of the National Bank of Egypt, Monday.
The project will be implemented in five years, Okasha told MENA.
Soil and groundwater testing will start immediately to detect the perfect area that will be allocated under a usufruct contract, Okasha said.
The reclamation process will then start and will last for five years, he noted.
Okasha made it clear that the company will plant crops, such as corn and wheat, which Egypt needs most.
The Al Ahly Co. for Land Reclamation & Cultivation already has 5,000 feddans in Nubariya area and another 5,000 feddans in northern Omdurman in Sudan.
The National Bank of Egypt signed a loan agreement worth 120 million euros with the European Investment Bank during the Egypt Economic Development Conference to finance small and medium-sized enterprises.