Nasr discusses with WB 3rd $1 billion tranche loan

CAIRO – 23 April 2017: Minister of Investment and International Cooperation Sahar Nasr discussed with World Bank Vice President for Operations Policy and Country Services, Hartwig Schafer, the current status of the ministry's request for $150-million fund to finance labor-intensive works.

The minister is leading the Egyptian delegation to the WB spring meetings, currently held in Washington.

Egypt's labor intensive work project is mainly focused on achieving gender equality, building capabilities, honing skills and promoting businesses, a Sunday statement from the ministry quoted Nasr as saying during the meeting.

Nasr also discussed with the WB official means of expediting the procedures of the third $1 billion tranche of the WB loan to Egypt in support of the country's economic reform program.

In this regard, Schafer hailed the government program, stressing that the WB will continue supporting the program until it achieves its target to boost Egypt's economy.

The two sides also discussed adding investment regions to be covered in the WB-funded Upper Egypt development program. The fund provided to the program is estimated at $500 million.

Meanwhile, Nasr held another meeting with Jan Walliser, the WB Vice President for Equitable Growth, Finance and Institutions.

The meeting tackled speeding up the upcoming WB Doing Business report in addition to revealing the outcome of the bank delegation's visit to Egypt on April 3-11 in order to get acquainted with the steps to be taken by each ministry in accordance with the report's standards.

On that score, Nasr reiterated that the investment ministry is working in coordination with all other ministries to draw up an investment plan, which includes opening up opportunities for Egyptian, Arab and foreign investors in line with Egypt's vision on achieving sustainable development.

Separately, the minister took part in the joint World Bank-IMF Development Committee meeting that was attended by World Bank Group president Jim Yong Kim as well as managing director of the International Monetary Fund Christine Lagarde.