World Bank backs Mubarak's efforts to improve Egypt's economy

World Bank (WB) President James Wolfenson Wednesday said that the World Bank supports Egyptian President Hosni Mubarak's efforts to improve the standards of living in Egypt.

Speaking to reporters after his meeting with President Mubarak at Blair House in Washington, Wolfenson said that the bank will not delay any collaboration with Egypt in implementing projects and giving advice on other issues, such as direct investment.

The Bank will finance direct investment projects in Egypt this year worth more than $ 400 million.

A World Bank Senior Official Wednesday said that the bank is expected to advance about $ 300 million a year to Egypt over four to five years to set up projects.

WB Representative Mohammad Kamel Amr was speaking to reporters after visiting President Mubarak met with Wolfenson at Blair House on Wednesday.

Mohammed Amr said that all the indicators of the Economic Reform in Egypt improved to a great extent.

"Such improvement was significant in the rates of inflation, growth, and foreign debt, which all improved remarkably in the past period," he said.

"There are several cooperation projects between Egypt and the WB in social, education, health, employment and training which are under consideration at present," he added.

The International Finance Corporation (IFC) of the World Bank funds the private sector projects in Egypt, he said, adding that the IFC will keep on financing private projects.

Amr expected the activities of the Bank in Egypt to increase during the coming period and reaffirmed that the Bank has not extended loans to Egypt over the past ten years.

He said that the Bank is ready to set up new projects in Egypt because all projects, built by the WB in Egypt, as the bank assessed them, were "successful," in agriculture, sanitary drainage, secondary education and health services.