International Monetary Fund opens bureau in Cairo

The International Monetary Fund affiliated to the World Bank decided to open a regional bureau in Cairo and appointed Sami Hadad as a regional representative to start work at the beginning of June.

A press statement issued by the international bureau said that "establishing this bureau in Cairo will be the start of an intensive effort from the organization in Egypt and the Arab states in financing some major projects in which the Arab and Egyptian private sector will participate."

The International Monetary Fund limits its works to supporting businessmen in the developing countries.

The World Bank's bureau in Cairo represents the organization in Cairo, Lebanon, Syria, and Jordan. In an effort to increase support from the organization, the organization's board of directors decided to establish this bureau.