The Egyptian government signed a deal with the World Bank on Tuesday for US$500 million in funding for an economic development program in Upper Egypt.
The program will be applied in the most needy southern governorates, establishing projects to support the development of food and agriculture industries, as well as improving infrastructure, job opportunities and basic services for local communities, said Minister of International Cooperation Sahar Nasr.
The governorates of Sohag and Qena will benefit from the project, beside other neighboring provinces, said Nasr.
The program is part of the government's effort to distribute investments nationwide, aiming at parity in the distribution of economic resources while improving the lives of citizens in the most impoverished areas, the minister added.
The program focuses on food industries and commercial chains associated with the agricultural sector and livestock, as well as factories for the production of furniture, according to Nasr.
The ministries of International Cooperation, Trade and Industry, and Local Development will contribute to the project.
Edited translation from Al-Masry Al-Youm