Ebeid probes cooperation with WB
Egypt, Economics, 10/27/2001

Egyptian Prime Minister Atef Ebeid held a meeting yesterday with the World Bank delegation under the vice-president of the bank.

The meeting is to set the scene for a donor countries conference, slated to be held in the Egyptian Red Sea resort of Sharm el-Sheikh in February. Some 33 countries and financial institutions are expected to take part in the conference.

Emerging form the meeting, Ebeid said they discussed the assistance programme that would be presented by the World Bank to Egypt over the coming three years, in addition to making an assessment of the repercussions of world incidents on the Egyptian economy.

Ebeid explained that the US, the European Union, the Arab Funds and the international investment banks concerned with the development process in Egypt will take part in Sharm el-Sheikh meeting. The conferees will make an assessment of the role of financing institutions in Egypt.

The WB will offer a $ 1.5 billion soft loan throughout the coming three years that will be allocated for rural development, education, health services, information technology and training.

The WB vice-president praised the Egyptian economy describing it as strong for scoring a rate of growth of 5.6 per cent -the highest rate in the region-and the foreign exchange market's stability world enable the country to lure more foreign investments.

Ebeid indicated that the delegation will tour some projects it finances in Behira and Mersa Matrouh.

AL Akhbar newspaper learned that another meeting will be held with the ministerial economic group next Monday to assess the losses incurred by the Egyptian economy as a result of the September 11 events in USA.

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