January 24, 2007

Egypt's poultry industry to be revitalized by fresh injection of capital

Hopes are rising that Egypt's poultry industry, previously battered by bird flu, would now be revitalized by a fresh injection of funds from the Kuwait Fund for Arab Economic Development (KFAED) approved on Tuesday.

The organisation approved a 26 million Kuwaiti dinar (US$89 million) loan to support development and restoration of Egypt's poultry industry.

The agreement was signed by KFAED's Director General Abdulwahab Al-Bader and Egypt's Social and Development Director General Hani Al-Nasser.

Al-Nasser said the agreement represents KFAED's cooperation and positive support in development and execution of projects in the Egyptian community.

The project would provide all requirements in developing poultry farms, eggs production and poultry products.

The Fund offers easy loans to Arab countries taking into account friendly relations with the nation.