President Abdel Fattah El Sisi inaugurated the 1.5 million acres reclamation megaproject, launching the first phase that covers 10,000 acres in the Farafra Oasis in the New Valley governorate. A number of senior officials and prominent figures were in attendance.
In his remarks, President El Sisi congratulated Egyptians on realizing this project and asserted that the state is committed to announcing development projects only after the start of implementation. He stated that this mega project will reclaim over 1.5 million acres at an unprecedented rate of two years.
President El Sisi noted that the first phase of the project in the Farafra Oasis is a model to be emulated across the remaining land, noting that the “New Egyptian Countryside” company, which was established to run and promote the project, will issue the terms and conditions documents for 500,000 acres. The president instructed the cost of land to be affordable to buyers, calling on banks that will finance the purchasing process to reduce interest rates to less than 6% in order to encourage citizens to purchase lands and start production. The president added that contracts and apportionment procedures will effectively contribute to combating corruption and streamlining bureaucracy.
President El Sisi noted that certain preparations are needed for major investors, who wish to acquire vast areas of land, adding that they will allowed to purchase land in the remaining area of the project, which covers 2.5 million acres, and will be reclaimed within three to four years.
President El Sisi asserted that the state will continue launching more development projects. This includes the marble project in Sinai, which will be completed over a period of six months to one year, as well as the furniture city in Damietta, and the leather city in Robeiky. This is in addition to discussing with the Ministry of Trade and Industry the establishment of more specialized industrial zones in different areas. President El Sisi also announced that development projects in Nubia and the western areas are underway.
On Ethiopia’s Grand Renaissance Dam, President El Sisi assured the Egyptian people that negotiations are going well and that Ethiopia reiterated its commitment not to cause any harm to Egypt and its people. He noted that Egypt understands the Ethiopian people’s need for development and that negotiations aim to realize common interests.