Egypt seeks WB’s funding for developmental flagships in Sinai

Egypt’s Minister of Investment and International Cooperation Sahar Nasr discussed with officials of the World Bank Group (WB) the movement’s strategy to improve public services and the standard of living for all citizens.

Nasr met in Washington with Ferid Belhaj, the newly-appointed WB vice president for Middle East and North Africa (MENA) to discuss supporting investments in education, healthcare, and social security, according to an official statement.

Belhaj praised the ongoing economic reform programme, noting that security and stability are necessary parts to increase investors’ confidence.

The two parties discussed pumping $1 billion to support the developmental projects in Sinai, the statement noted.

The WB recently approved financing education reforms with $500 million, and healthcare with $530 million, while the total portfolio of Egypt now stands at $8 billion.