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Elham AbolFateh
AR
Sunday 25 June 2017

Business

Egypt begins negotiations for 3rd tranche of World Bank’s loan

Friday 21/April/2017 - 12:56 PM
Sada El Balad
Mohamed Sameh
Minister International Cooperation Sahar Nasr، who is currently visiting Washington D.C. on head of a delegation، met Friday with deputy director of World Bank for Middle East affairs Hafez Ghanem، for talks on the third tranche of the World Bank’s loan to Egypt.

The meeting comes in light of Nasr’s visit to the US، in order to attend the World Bank’s spring meetings held currently in Washington D.C.

Both sides discussed the start of the negotiations for the third tranche, which is worth one billion US dollars of the allocated loan to Egypt,the last part of a whole loan worth three billion US dollars to support the Egyptian government’s economic reforms.

Furthermore، they discussed the results of the agreement reached during the meeting between President Abdel Fattah el-Sisi and World Bank chairman Jim Young Kim، on promoting and developing cooperation between the two sides at various levels، as well as supporting Egypt's efforts to attract more foreign investments. 

The meeting between Nasr and Ghanem tackled the various development projects carried out by the bank in Egypt، especially in health، education and energy sectors.

Nasr stressed that her ministry is currently working on supporting a project to develop education، in coordination with the Ministry of Education، as part of the priority given by the state to enhance the education in the current period.

She pointed to her ministry’s efforts to inject funds for the development of Upper Egypt، with the participation of the private sector and the ministries of commerce and local development.

This comes in line with the World Bank’s contribution to the development of Upper Egypt with $500 million.

The minister said that the ministry encourages the private sector to carry out infrastructure projects، while stressing on the importance of increasing support for women، noting that she will participate in an international conference on April 25 in Berlin on the empowerment of women.

For his part، Ghanem said that the World Bank is optimistic about the economic reforms adopted by the Egyptian government، pointing out that their results are becoming increasingly clear، as the expected growth is most likely to reach 4% this year، in addition to the increase in foreign exchange reserves. 

He stressed that Egypt is currently in a good position to attract more investments، adding that the World Bank welcomes cooperation with the Egyptian government in the development of education، in coordination with a number of development partners، such as Japan International Cooperation Agency (JICA).

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