World Bank finance four social and economic development projects in Egypt

Egypt's Prime Minister Atef Ebeid said that social development will go hand-in- hand with economic development in the upcoming stage, indicating that an agreement was reached with the World Bank (WB) mission to finance a large number of projects designed to increase income of lower brackets.

Following his meeting with the economic group and the World Bank mission, Ebeid said the first project to be financed by the bank allows for limited lending to low bracket individuals and families to help them to increase their income, WB also plays effective role in financing projects under the Social Fund for Development (SFD) aimed at providing job opportunities for youth.

Ebeid said that under the second project the World Bank will provide technical assistance necessary for building and equipping technical training centers for graduates. The third project aims at increasing Egyptian exports with relative advantage. The fourth project aims at establishing a technological base.

Ebeid added that Egypt currently seeks establishing necessary a sophisticated technological to produce hi-tech commodities. He added that Egypt needs to of conduct a study in cooperation with experts of the WB to determine sources of importing and exporting commodities from, to foreign markets.

He said WB will finance a substantial part of the capital of the SFD and indicated that the government was currently considering expanding loans to poor individuals and families for starting their productive activities.

Meantime, Kamal Darwish, vice-president for the Middle East and North Africa said talks with the Egyptian economic group under Prime Minister Ebeid dealt with programs carried out by the Bank in Egypt as well as prospects of cooperation between both sides. He said the Egyptian government informed the WB of priorities the upcoming stage.