World Bank voices support for development in Egypt

15 December 2018 12:42 (UTC+04:00)

By Trend

World Bank's senior official stressed on Friday the keenness to actively contribute to development efforts in Egypt, Trend reports citign Xinhua.

World Bank's Vice President for Infrastructure Makhtar Diop hailed the successful economic reform measures taken by the Egyptian government.

Diop affirmed that the World Bank looks forward to intensifying cooperation with Egypt in three main fields, namely air transport, energy and electricity linkage projects among Africa's states, in light of Egypt heading the African Union in 2019 and its unique geographic location.

Meanwhile, Egyptian Prime Minister Mostafa Madbouli welcomed the cooperation with the World Bank in promoting the development agenda in Africa.

He pointed out the importance of the World Bank contribution in funding the infrastructure projects in Egypt in the past few years.

On Oct. 16, the World Bank has agreed a new financing deal of 3 billion U.S. dollars with Egypt.

The deals came in light of the World Bank's trust in the reform measures that have been carried out by Egypt and the bank's keenness to continue support for Egypt, Minister of Investment Sahar Nasr said.

The bank gives priority for some sectors like developing Sinai Peninsula and the infrastructure, transportation and agricultural projects, Nasr added.

In 2016, Egypt has started a strict three-year economic reform program based on austerity measures including fuel and energy subsidy cuts and tax hikes, after several years of instability due to turmoil that caused economic recession.

The liberalization of the Egyptian pound's exchange rate encouraged the International Monetary Fund to support Egypt's economic reform plan with a 12-billion-dollar loan, two thirds of which has been delivered already.

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