Technical cooperation agreement to be concluded with IBRD soon

"Egypt and the International Bank for Reconstruction and Development (IBRD) will sign a new technical assistance protocol in August," a bank official said Saturday.

Ambassador Mohammed Kamel Amr, the executive director and representative of Egypt and Arab group at the bank, said that the protocol would be the first of its kind since the bank will offer technical assistance rather than financial loans to Egypt.

The technical protocol, Ambassador Amr said, comes in response to a request incorporated in a list identifying Egypt's needs at present from the bank. He said that this is the first time the bank has approved such a request.

He indicated the protocol would include technical proposals aiming to promote Egyptian exports, to upgrade Egypt's financial and banking sectors and to improve vocational and technical training here.

He stated that specialized working groups representing the bank and the Egyptian government are about to complete the project proposal.

"Once the protocol is signed, the Egyptian government will immediately begin implementing the project," Ambassador Amr said. The Egyptian private sector and donor nations will take part in the project, he said, adding that the bank will only provide consultants and advisors to assist the government.