The Egyptian government officially announced the selection of the city of Sharm El-Sheikh as hosts of the 2012 International Monetary Fund (IMF)/World Bank Annual Meetings, according to a press release by the Ministry of Finance.

The conference will take place at the Sharm El-Sheikh International Convention Centre from 12-14 October 2012.

"The 2012 IMF/World Bank Meetings in Sharm El-Sheikh are held in partnership with the Government of Egypt and are considered the biggest and most important official gathering of economic decision-makers worldwide:  including finance ministers, central bank governors and other senior policymakers", said  Youssef Boutros-Ghali, the Minister of Finance.

"With more than 15,000 participants attending these meetings, it is an excellent opportunity to highlight the capability of an international conference city like Sharm El-Sheikh to host such an event", added Ghali.

The "City of Peace" has played host to a number of important conferences before, such as the 1996 Peace Making Summit and more recently the World Economic Forum in 2008 which was attended by thousands of delegates and many heads of state.

The seaside resort-city has the indispensable ability to accommodate both conference delegates and tourists, having built and developed an international airport to serve both purposes. Sharm El-Sheikh International Airport has been expanded to receive big aircraft and the steady increase flights; it now has facilities which can handle traffic of more than 1,200 passengers per hour. Additionally, the port of Sharm El-Sheikh can, at present, harbour various types of vessels.

At the annual meetings, the Board of Governors of the IMF and World Bank Group meet to discuss the work of their respective institutions. Some important ministerial meetings are held on the margins of these annual gatherings, including the G-20, which comprises the major industrial countries and emerging market economies in the world and the G-24, which encompasses emerging markets including Egypt and some developing countries. A number of seminars and forums are held during the annual meetings on topical economic and financial issues within the public and private sectors.