Article published on CPR (Cairo Press Review) - 9/2/2006

The executive steps for financing the Green Corridor Project have begun with the aim of increasing flow of Egyptian horticultural production into European markets via Italy.
International Cooperation Minister, Fayza Abul Naga, signed an executive agreement worth LE 1,9 million with the Italian side to finance a small project that would serve the basic Green Corridor agreement.

The project targets the improvement of economic and social condition in western Al Nubaria area by means of increasing the volume of exports of its products.
Abul Naga said that the would-be project would contribute to the formulation of the main project’s executive plan by identifying the basic project in terms of transport, wrapping, packaging and issuance of the certifications of origin for exports. Costs are expected to hit 90 million euros.

Abul Naga said that the model project would help improve the economic and social conditions of the West Nubaria area, where it will be implemented by enhancing also help provide new job opportunities.

Abul Naga said that the project would be financed through the second part of the program to convert Egyptians debts to Italy into development projects in Egypt.
Abul naga reported that the debt-swapping program contributed to projects such as rural development initiative costing LE 150 million and a project for sustainable development in Wadi al Rayan (Rayan Valley)and in el Fayoum worth LE 12,6 million.

The project has also contributed to building and furnishing schools in various Egyptian governatorates, a LE 42,6 million effort, as well as a LE 162,03 million project to move tanneries from the overcrowded neighborhood of Old Cairo to al Robiki.