Egypt-World Bank cooperation unprecedentedly successful

Minister of Investment and International Cooperation and Egypt's Governor at the World Bank stressed that this unprecedented phase of cooperation between Egypt and the World Bank is actually the fruit of successful meetings between President Abdel Fattah El Sisi and World Bank President Jim Yong Kim, referring to four in less than three years.

Such unprecedented number of meetings have mainly contributed to creating a breakthrough in cooperation between the two sides in the various domains, she said in a statement released on Tuesday.

The minister cited the energy sector as being the main field of cooperation, saying the World Bank has contributed to a large number of investment and development funding that exceeded dlrs 4 billion including dlrs 3 billion allocated for supporting economic reforms in the sector.

Some dlrs 635 million were earmarked for the establishment of the largest international complex for solar energy in Aswan, she said.

She also referred to more than dlrs 22 million in investment guarantees for the same project and dlrs 150 million in foreign direct investments in the oil and gas sector.

She called on the bank's leaderships to consider relations with Egypt as a model that should be repeated with other developing nations.

Source : Mena