New strategy for World Bank's assistance to Egypt
Egypt, Economics, 8/28/2001

The World Bank (WB) has approved a new strategy for assistance extended to Egypt over the coming three years. The new strategy calls for supporting the government's efforts for promoting information technology sector, upgrading efficiency of the banking and financial institutions.

This in addition to enhancing cooperation between the private and public sectors through introducing amendments into the public sector departments and creating an investment-attracting climate in Egypt, said a WB official in press statements.

The official added that the Egyptian government has agreed on the new strategy, given that these areas of concern by the WB are the major components of economic development and growth in Egypt.

Meanwhile, a World Bank recent study underlined the significance of the role of businessmen and investors in increasing the volume of social services offered to the low-income brackets.

The study referred to the effectiveness of such a role by the private sector and its impact on economy, trade and investment activities in the poor countries as the low-income segments in these countries receive most of their services and basic needs from the private sector and not the government, especially in the fields of potable water, communications, health and energy.

The experiences of a large number of countries indicated that giving businessmen and investors the opportunity to operate in such sectors as potable water, education and health leads to improving the efficiency of these services, the study noted.

The WB study defined three main axes to improve the investment climate and activate the private sector's role in the development process, namely working out sound borrowing policies, providing financial and consultative assistance to small and medium companies besides enhancing the process of privatization.

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