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FINANCIAL NEWS
Egypt offers farmlands for domestic investors
12 Apr 2010
(MENAFN) Egyptian Minister of Agriculture Amin Abaza said that the government will offer 100,000 feddans (103,800 acres) for agri-business in North Sinai on a 49-year lease, but only to domestic investors, Reuters reported.
Under the 1979 peace treaty between Egypt and Israel, land on the Sinai peninsula can not be sold to foreigners, he pointed out, adding that the land will be used for agriculture reclamation and agriculture manufacturing projects.
The minister had previously said Egypt would invite tenders in March for 50,000 acres of land in North Sinai for agri-business projects.
Egypt said in February it planned to lease farmland for agri-business projects during 2010 but was waiting for the agriculture ministry to allocate suitable plots.
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