EGP 15 Million for Six Lands Irrigation Companies

Prime Minister, Dr. Kamal Al-Ganzoury, directed the Finance Ministry to provide EGP 15 million to the Agricultural Construction and Development Authority to provide finance over the coming two months as loan not budget, upon including six lands irrigation companies to the agriculture ministry in accordance to law no. 203, where each country shall take EGP 3 million to carry projects. These projects would help companies to achieve resources to pay incomes for employees, and fulfill requirements needed. He called the Finance Ministry to direct banks and insurances not to ask these companies for debts or dues needed currently.

The meeting held to discuss the combination of 6 companies to the agriculture ministry, and to follow-up on problems of “Nubaseed” company, in attendance of Ministers of Manpower and Finance. Assets of these companies were specified to be owned by the Holding Co. for Lands Irrigation, and purchasing shares value.

The coming Saturday will witness holding of general assembly for selection of the holding co. board that will manage these companies, and the board shall include 2 members of each company and representative of the general syndicate and another from the finance ministry. As for Nubaseed problem, the minister said that he brought lawsuit yesterday against the Saudi investor because he violates conditions and terms of the agreement signed with the agriculture ministry who took 19,000 feddans for his personal account with former officials from the holding co. for the agricultural development and the agricultural construction and development authority.

A ministerial decree was issued to manage area of 23 feddans that was a matter of dispute between the agriculture ministry and the Saudi investor. The Minister added he brought a judicial lawsuit based on the counselors’ demand to manage the seized lands, obtain 7900 feddans for the ministry, and settle situations of farmers benefit from these lands. He noted that the investor has no right to refer to the international arbitration and he can only brought lawsuit before the Egyptian court.