$ 400 million in World Bank financial aid to Egypt
Egypt, Economics, 8/14/2001

"The World Bank (WB) has recently endorsed a three-year strategy of financial aid to Egypt, reaching $ 400 million, covering the areas of education, infrastructure and the financial sector," said WB Deputy Chairman Nimat Shafiq.

In statements delivered on the sidelines of the WB Forum on the Bank's strategy for supporting the private sector, Nimat Shafiq underlined that the Egyptian economy is capable of achieving a growth rate of 7 % next year.

She added that Egypt's economy still possesses several potentials that enable it overcome the current state of stagnation.

The Egyptian government has adopted, over the past couple of years a package of financial and economic policies designed to encourage the private sector, attract foreign investments, increase the volume of non-oil exports and emerge into global economy.

Nimat Shafiq pointed to the success achieved by the private sector in establishing and implementing the cellular networks in Egypt, a matter which opens wide vistas for increasing its investments, especially in the health and education sectors.

"The World Bank and the Egyptian government are currently considering the implementation of a number of joint projects and programmes in the fields of telecommunications and information," the WB official said.

She asserted that the readiness of the WB to offer the necessary training, expertise and technical aid to develop this industry, especially that the Bank's investments in the IT industry is well over $ 1.5 billion annually.

Moreover, the WB is currently cooperating with Egyptian officials to put Egypt on the global trade map and support the small installation to increase the process of exportation and investment via this trade.

On the World Bank Forum, which wound up recently in Cairo, the WB official said that the Bank is currently probing means of activating the role of investors and businessmen for enhancing the development strategies in more than 30 countries.

On another plane, the WB official conferred with a number of Supply, Economy and Finance Ministries officials on means of improving the investment climate in Egypt encouraging the private sector and increasing the government's facilities extended to the investors and businessmen.

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