Egypt's cabinet approved on Wednesday the establishment of a company with a capital of LE15 billion to manage a megaproject of reclaiming 1.5 million feddans of land, official news agency MENA reported.
The new company will establish zones for agricultural investments.
Since his election in June 2014, President Abdel-Fattah El-Sisi has sought to boost the economy through fiscal reforms and megaprojects, at the forefront of which are the development of the Suez Canal industrial zone and the reclamation of 1.5 million feddans of land.
The land reclamation project includes digging over five thousand water wells at a total cost of LE6 billion ($766 million), according to an official in the irrigation and water resources ministry.
The agriculture sector is the biggest contributor to the Egyptian economy with 17 percent of GDP.