Helmi, ADB President probe Economic reform
Egypt, Economics, 5/16/2001

Shura Council Speaker Mustafa Kamal Helmi reviewed with the African Development Bank (ADB) President Omar kabbag Egypt's experience in economic reform programme.

Helmi shed light on Egypt's interest in promoting press freedom, pluralism, features of the economic and social development plans, mega projects in Sinai, upper Egypt, Toshka, the New Valley, EL Owaynat and the Northern Coast.

"The economic growth rate reached about 5.7 per cent while inflation rate amounted to less than 3 per cent and the budget deficit was put at less than 3 per cent," he said.

The meeting also took up cooperation and the agreements signed with the bank in the different domains especially in the field of rural development.

On his part, Kabbag spoke of cooperation with Egypt and investments provided by the bank to future projects in Egypt.

Moreover, Kabbag stressed ADB's readiness to give easy-term loans to Egypt rang up from $ 400 million a year to finance projects in both the private and public sectors.

Kabbag told the Middle East News Agency that the bank is convinced of economic reform policy in Egypt in the coming phase as it aims to provide new jobs and realize economic stability.

"The suggested loan programs to Egypt in 2001/2002 will be channeled to develop human resources, notably education, health and reducing the burdens on the poor through financing infrastructure, rural development and women's economic projects," he said.

Kabbag, who is visiting Cairo at present, said Egypt has already applied to fund two projects.

The bank allocated $ 20 million for the first project, to deal with rural development, and $ 16 million for the second project, to deal with enhancing vocational education.

"The ADB and the National Bank of Egypt (NBE) signed a loan agreement to Egypt worth $130 million to give credit to small and medium-scale projects besides another credit line to the NbE to develop exports up to s 65 million," he said.

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