Egypt, WB portfolio stands at $8B: Investment Minister

CAIRO – 24 September 2017: Egypt’s portfolio with the World Bank (WB) stood at $8 billion, including $2 billion allocated for the private sector, Minister of Investment Sahar Nasr said Sunday during the opening of the Sustainable Development Goals Implementation Workshop.

Nasr showcased the ministry’s role in the development projects and the coordination with the international bodies, which saw a great success, assuring that Egypt has achieved a lot regarding the economic reforms’ program with activating the social safety net to ease the pressures of the economic reforms, including the social housing and the infrastructure projects.

Egypt stands among the 22 countries that completed the first review of the sustainable development and participated in the second review, Nasr highlighted.

The United Nations’ Development Program’s (UNDP) representative in Egypt Randa Abu el-Hassan said that Egypt is moving on the right track towards achieving sustainable development goals.

Achieving an Arab sustainable development needs $85 billion annually, Hassan added.
Hassan pointed to the latest project launched by the Ministry of Investment named “Fekretak Sherketak,” saying that it is an important project in the field of business entrepreneurship.

Earlier in September, Nasr launched “Fekretak Sherketak” Initiative to encourage startups and promote the entrepreneurial atmosphere in Egypt.

Fekretak Sherketak promotes the launch of the Egypt Entrepreneurship Program (EEP) in partnership with Hermes Financial Group and UNDP.