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Thursday, 14 November 2019

Egypt, World Bank to increase cooperation

Doaa A.Moneim , Wednesday 16 Oct 2019
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Views: 1155

Egypt's Minister of Investment and International Cooperation Sahar Nasr said Egypt was interested in benefiting from the World Bank (WB) experience in digital transformation, especially that the WB allocated $25 billion to boost digital transformation globally over 10 years in collaboration with the private sector.

Nasr made that statement during a meeting with the WB Group Vice President for Middle East and North Africa Ferid Belhaj on Wednesday on the sidelined of the WB and the International Monetary Fund's (IMF) annual meetings held currently in Washington.

The two sides agreed on increasing joint cooperation in infrastructure and supporting the Digital Transformation in Africa Initiative of the WB, especially that Egypt chairs the African Union in its current round.

They also agreed on increasing cooperation in the energy sector through supporting Egypt's shift to become an energy exporting regional hub, and boosting Egypt's role as a regional trade hub through the joint projects that aim to improve transport, shipping, and ports areas, in addition to attracting and stimulating private sector investments.

The meeting touched upon improving cooperation between Egypt and the WB over the coming years with a focus on education and healthcare under Egypt's President Abdel-Fattah El-Sisi's initiative that aims to invest in human capital.
The WB will support Egypt's project of pollution control and solid waste management with a total of $ 500 million.

Nasr stated that Egypt was cooperating with several development partners in entrepreneurship projects development, adding that Egypt was keen on supporting the role of the private role in development through financing developmental projects.

Belhaj said Egypt was a key country the WB was working with, and that the bank was eager to participate effectively in development efforts which are achieved in Egypt due to its economic and legislative reforms procedures that resulted in the improvement of its investment climate.

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