Prime Minister Sherif Ismail said measures to establish a company to execute the project on cultivating 1.5 million feddans would be finalized by next week.

The company will manage the project at the economic level, including loans to ease the burden on the state's budget, Ismail told Cabinet affairs' reporters on Monday.

The project will be set up on three phases, the prime minister said, clarifying that 500,000 feddans will be allocated for each.

All relevant technical studies were conducted and finished, he underlined.

The new company will serve as an umbrella for the bodies concerned, the premier said, noting that responsibility is divided among a number of ministries.