World Bank current portfolio in Egypt exceeds $8 bln

The World Bank’s portfolio in Egypt surpasses $8 billion, recording the highest portfolio amongst Arab countries and the region, according to Executive Director of Egypt at the World Bank in Washington Ragui El-Etreby.

Etreby said that the bank still supports the development programs whether for the government or the private sector through International Finance Corporation’s (IFC) projects.

He noted that IFC’s projects contribute to the financing of huge projects in the fields of new and renewable energy by more than $1 billion, in addition to supporting education by $500 million.

He also praised the harmony between the Egyptian government and the World Bank and the coordination between them, which reflected positively on the bank’s support for Egypt and the efforts of Minister of Investment and International Cooperation, Governor of Egypt to the World Bank, Sahar Nasr.

In April, the IFC announced its support to Egypt’s private sector by nearly $1 billion, affirming its commitment to boosting the Egyptian economy which came as a result of the strong economic reform measures implemented by the Egyptian government.

Ministry of Investment and International Cooperation also announced that the World Bank’s Board of Executive Directors unanimously approved supporting Egypt’s national education strategy to develop pre-university education with $500 million.

The bank finances projects in key sectors including energy, transport, water and sanitation, agriculture and irrigation, housing, social protection, as well as health and education.