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This paper aimed to examine the significance of cooperation on water resources between Egypt, Sudan and South Sudan - three of the principal Nile Basin countries. The Nile water passing through the three countries is confronted by many challenges in terms of achieving food security and national security. Thus, the paper attempts to highlight the importance of implementing Jonglei Canal as a major developmental project which could contribute to supporting agricultural development, achieving food security, and combating poverty in the three countries - which in fact import a lot of their food products from outside. This state of affairs is so unfortunate because these three countries abound in fertile lands, human resources and the possibility of providing sufficient irrigation water from the Nile and its tributaries. Therefore, preserving the available water resources, developing them, and using them wisely becomes a necessity dictated by the current economic conditions of the three countries.This paper hypothesizes that mutual cooperation between the three countries on digging the canal will contribute in constructing an integrated partnership that is expected to reduce water loss and enhance the possibility of sustainable economic development. Therefore, the River Nile water is a shared resource which could be a basis for water cooperation between the Nile Basin states, given the fact that they have other resources (animal resources, human resources, fertile lands, etc.) which may provide solutions to the economic crises in these countries without disputation over apportionment. Digging Jonglei Canal is expected to be very beneficial in increasing the water shares of the three countries, and hence raising the living standards of the populations. Furthermore, it will assist in reclaiming more lands and growing consumption crops (like wheat, sugar cane, cotton, etc) and improving grazing lands. This paper recommends establishing cooperation and common understanding between the three countries on digging Jonglei Canal and controlling the Nile water in a way which ensures economic security and agricultural development.