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Egypt : Acting PM Witnesses Dr. Nasr's Signing of the Largest Development Funding between Egypt and WB
Publish Date : 12-Dec-2017
Acting Prime Minister Dr. Mostafa Madbouly witnessed the signing of the third tranche of the financing package worth USD 1.150 billion allocated to Egypt's development policies and economic reform program between the Minister of Investment and International Cooperation and Egypt's Governor at the World Bank (WB) Dr. Sahar Nasr and the WB's Country Director for Egypt Mr. Asad Alam, in presence of the Minister of Electricity Dr. Mohammed Shaker and the WB's CEO Dr. Kristalina Georgieva. It is worth noting that this funding is considered the largest one of its kind in the history of relationship between Egypt and the WB. The third tranche guarantees an additional amount of USD 150 million as investment guarantees provided to Egypt by the UK government through the WB.
The Minister mentioned that the funding would be mainly dedicated to improving the business environment and competitiveness in Egypt, thereby enhancing the private sector's role in the development process, efforts to attract foreign investments and the creation of job opportunities necessary for achieving inclusive development and improving standards of living. This is within the framework of the government's intensive efforts exerted during the previous period to develop the economic legislative environment, including the issuance of a new and inclusive investment law and its executive regulations.
The Minister further pointed out that the financing package totaling USD 3.15 billion clearly reflected the WB's role as one of Egypt's key development partners and its tangible support of the Egyptian government's efforts in the implementation of an ambitious and unprecedented economic reform program. She also mentioned that the financing package contributed to opening up new horizons for attracting foreign investments and engaging the private sector, noting that the largest part of projects worth over USD 1 billion recently announced to be established in Egypt by the International Finance Institution (IFC) and the Multilateral Investment Guarantee Agency (MIGA)- affiliated to the WB- was a direct outcome of the economic reform efforts and positive impacts of the financing packages provided by the WB, given that the WB's portfolio in Egypt is worth USD 8 billion.
On her part, Ms. Georgieva commended Egypt's effective steps towards economic reform and the government's achievement of tangible stability on the macroeconomic level along with pushing forward the role of the Egyptian and global private sector in achieving targeted growth rates, which, in turn, contributed to enhancing confidence in the Egyptian economy and improving Egypt's ranking by the credit rating agencies. At the same time, she emphasized that the WB's executive board commended the Egyptian government's focusing on the social dimension and on the protection of poor classes and limited-income people so as to ensure sustainable economic reforms as well as inclusive, balanced and sustainable growth.
