Egypt’s agriculture sector gets $100m funding boost

Reuters

UAE-based Arab Authority for Agricultural Investment and Development (AAAID) plans to invest $100 million into Egypt’s agricultural and livestock production sectors over the next three years, according to a local media report.

The authority’s current investments in Egypt have reached $158 million, Egypt Today newspaper reported, citing chairman Mohamed Al Mazrooei.

The significant investments include a 27 percent stake in Fayoum Sugar Company, an 82 percent stake in the Arab Company for Production and Preservation of Crops, and a five percent stake in the Middle East for Vaccines.

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The primary objective of AAAID is to support Egypt increase agriculture productivity and achieve food security.

Egypt’s agricultural exports increased by more than 432,000 tonnes year on year from January to May, reaching 3.43 million tonnes, compared to 2.99 million tonnes.

Key export items include citrus fruits, potatoes, fresh onions, sweet potatoes, pomegranates, garlic, strawberries, beans, guavas, tomatoes and grapes.

The pan-Arab financial institution was established in 1976 and contributes to the capital of 56 companies and projects across 12 Arab countries.

Its total assets stood at $1.3 billion as of the end of 2022, according to the AAAID website.