Egypt to get $1 billion from World Bank

"The government is committed to creating thousands of job opportunities, boosting exports and development of rural areas and Upper Egypt", said Fayza Abul Naga state minister for foreign affairs.

At her meeting with members of the British Egyptian businessmen association (BEBA) yesterday, Fayza Abul Naga denied that the government sought any loans from the International Monetary Fund (IMF).

The current negotiations with the World Bank (wb) and the African development bank seek to start the release of a joint $ 1 billion loan as part of urgent aid approved by the donor countries, said Abul Naga.

She said that the economic situation has started to get better, and that there were no conditions for Egypt to receive the aid.

"The government is committed to the economic reform program and maintaining a flexible exchange rate governed by the market forces", she said.

Abul Naga said the key features of the economic reform program were maintaining stable prices, a real growth rate, setting up an exchange rate system capable of containing foreign shocks and keeping budget deficit within safe and acceptable international levels.

It was important to carry out legislative reforms so that legislation goes in line with world agreements signed by Egypt and helps attract more foreign investments, Abul Naga said.

In that regard, the minister noted, the People's Assembly would soon endorse several important bill, on top of which come intellectual property laws, unified labor law, communications law, money-laundering and banks law, and information systems law.

There was a plan to cut down customs in Egypt in accordance with international pledges, Abul Naga said.

She added that the government is committed to market economy, encouraging the private sector, boosting foreign investments and merging in world economy.