Egypt's Sisi discusses cooperation with World Bank president in New York

Ahram Online , Thursday 21 Sep 2017

Sis and world bank
Egyptian president Abdel Fattah El-Sisi and President of World Bank Jim Yong Kim

Egypt's President Abdel-Fattah El-Sisi met with World Bank chief Jim Yong Kim in New York on the sidelines of the UN General Assembly meetings to discuss cooperation between Egypt and the bank, the Egyptian presidency said in a statement.

President El-Sisi expressed Egypt's appreciation for the World Bank's efforts in supporting the country's economic reform programme through development projects.

Egypt is set to receive in December the third and final $1 billion tranche of a $3 billion loan from the World Bank.

In late March, the World Bank announced that it had handed over the second $1 billion tranche to Egypt, with the funds intended to help with fiscal consolidation, ensuring Egypt's energy supply and enhancing competitiveness in the private sector.

Egypt received the first tranche of the loan in September 2016.

According to the bank's data, the current portfolio of the World Bank in Egypt includes 26 projects for a total commitment of $5.92 billion.

World Bank president Jim praised the economic reforms adopted by Egypt.

Jim and El-Sisi also discussed the positive results achieved through the economic reform programme such as the increase in foreign reserves, Egyptian exports and foreign investments in the country.

The Egyptian president left New York on Thursday after a five-day visit where he participated in the 72nd General Assembly meetings and met with a number of world leaders on the summit's sidelines.

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