World Bank supports Egypt’s economic reforms – chief

World Bank head Jim Yong Kim expressed his support for various initiatives underway in Egypt to strengthen the country’s economy when he met with Egyptian president Abdel Fattah al-Sisi in New York Sunday, Egypt’s presidency said in a statement.

Al-Sisi and Kim agreed that Egypt’s economic reforms reflect a desire to achieve overall development.

They also discussed issues of security, fighting corruption and the misuse of resources, according to the statement.

Al-Sisi and Kim also discussed a number of government megaprojects underway in Egypt which the World Bank could contribute to, including the project aiming to reclaim more than 1.5 million acres of land in Egypt’s western desert.

The World Bank currently runs 26 projects in Egypt at a value of $5.4 billion.

Jim Yong Kim said that the World Bank understands Egypt’s need to accelerate economic development, and expressed support for the reforms adopted by the Egyptian government.

Al-Sisi met with Kim during his visit to New York to participate in the UN General Assembly.

In April, Al-Sisi signed off on a $500 million loan from the World Bank to fund a national natural gas initiative to bring the energy source to 1.5 million households currently relying on older gas consumption means.

The government has also taken a $400 million loan from the World Bank to bolster a welfare project aimed at benefiting 1.5 million poor Egyptian families.

Egypt is to receive a further World Bank loan of $1.5 billion, signed in September 2015, to fund the construction of new affordable housing and the renewal of sanitation services in 760 poor villages.

Source: Ahram Online