World Bank president praises Egypt's reform program

CAIRO - 12 October 2018: President of the World Bank Group Jim Yong Kim lauded on Friday Egypt’s economic and social reform program as well as its success in investing in human capital.

Egypt succeeded in slashing energy subsidies to help investments be directed to human capital in a more comprehensive way, Kim said during the opening session of the 2018 Annual Meetings of the International Monetary Fund and World Bank, held in Indonesia’s Bali city.

During the session, attended by Minister of Investment and International Cooperation Sahar Nasr and Minister of Finance Mohamed Maait, Kim reviewed success stories of Egypt, Peru, Poland and Ethiopia.

The World Bank helped Egypt lure foreign investments from the private sector in the field of new and renewable energy, which led to an annual $14 billion increase in financial space for the Egyptian government, Kim revealed.

He also noted that Cairo has been comprehensively transformed with regard to developing health, education and sanitation projects.