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Egypt to invest 3 Bln Euro per year in agriculture
Egypt
Thursday 05 June 2008
Egypt plans to invest about 25 billion Egyptian pounds annually (some 3 billion euros) in agricultural and related sectors, such as food industry, said Egyptian minister of Agriculture and Land Reclamation Amin Abaza.
During a workshop organized by the World Bank in Cairo and the Egyptian Agricultural Research Center on the 2008 World Bank report, Abaza said that investing in the agricultural domain is the best way for curbing poverty and improving people’s income in poor States, ANSAmed reports.
The latest World Development Report calls for greater investment in agriculture in developing Countries and warns that the sector must be placed at the center of the development agenda if the goals of halving extreme poverty and hunger by 2015 are to be realized.
Titled “Agriculture for Development”, the report says the agricultural and rural sectors have suffered from neglect and underinvestment over the past 20 years. While 75% of the world’s poor live in rural areas, a mere 4% of official development assistance goes to agriculture in developing countries. Dynamism in the rural and agricultural sectors is needed to narrow the rural-urban income gap and reduce rural poverty for 600 million people while avoiding falling into subsidy and protection traps that will stymie growth and tax poor consumers.
During a workshop organized by the World Bank in Cairo and the Egyptian Agricultural Research Center on the 2008 World Bank report, Abaza said that investing in the agricultural domain is the best way for curbing poverty and improving people’s income in poor States, ANSAmed reports.
The latest World Development Report calls for greater investment in agriculture in developing Countries and warns that the sector must be placed at the center of the development agenda if the goals of halving extreme poverty and hunger by 2015 are to be realized.
Titled “Agriculture for Development”, the report says the agricultural and rural sectors have suffered from neglect and underinvestment over the past 20 years. While 75% of the world’s poor live in rural areas, a mere 4% of official development assistance goes to agriculture in developing countries. Dynamism in the rural and agricultural sectors is needed to narrow the rural-urban income gap and reduce rural poverty for 600 million people while avoiding falling into subsidy and protection traps that will stymie growth and tax poor consumers.
