Cairo, WB discuss economic conditions ahead of September’s report

CAIRO – 16 June 2017: Minister of Investment and International Cooperation Sahar Nasr discussed with members of the World Bank’s delegation to Cairo, led by Ashish Khanna, a lead energy specialist at the WB, Egypt’s priorities in the coming period ahead of the bank’s September report.

The World Bank will issue a report in September about Cairo’s efforts in several fields including transportation, education, health and agriculture, the ministry said in a Friday statement.

The talks touched on cooperation in investment policy, supporting the private sector in the process of economic and social development in addition to promoting the WB’s role in the efforts aimed to improve the investment climate.

The two sides also discussed the WB’s support to Egypt in ensuring good governance and luring more foreign investments in a way that contributes to providing job opportunities for the youth and women.

The ministry works on injecting investments to develop Upper Egypt with the help of the private sector, in line with the incentives offered in the new investment law with regard to work in the needy regions, Nasr said during the meeting.

On that score, the minister pointed to the WB’s contribution to the Upper Egypt’s development project, as it provided a $500 million fund, of which Cairo received the first $125 million tranche over the past period.

Meanwhile, members of the World Bank delegation expressed optimism over the economic reforms taken by the Egyptian government, noting that Cairo is in a condition that helps it attract more investments.