WB Considers its Strategic Partnership with Egypt a Unique Success Story, Dr. Nasr
WB Considers its Strategic Partnership with Egypt a Unique Success Story, Dr. Nasr
Source : Ministry of Investment and International Cooperation
03-Oct-2017
WB Considers its Strategic Partnership with Egypt a Unique Success Story, Dr. Nasr
The Minister of Investment and International Cooperation and Egypt’s Governor at the World Bank (WB) Dr. Sahar Nasr stated that a number of WB leaders, topped by President of the WB Dr. Jim Kim, organized a symposium on Monday in Washington for the WB’s staff from various levels and sectors. During the symposium, an overview was given about the success achieved by Egypt’s economic reforms, especially in the energy sector over the three previous years, and its relation to the development of cooperation between Egypt and the WBG as well as the latter’s commitment to being a real development partner to Egypt. The WB leaders also called for considering this strategic relations a unique model that should be repeated with other developing countries, within the framework of the WB’s endeavors to maximize the sources of funding for development.
The Minister emphasized that the unprecedented cooperation between Egypt and the WB came to crown the outcomes of the successful meetings between President Abdel Fattah El-Sisi and Dr. Kim, given that 4 meetings were held between them within less than 3 years which mainly contributed to making a quantum leap in cooperation between Egypt and the WB in various areas. Among such areas, added the Minister, was the energy sector to which the WBG recently contributed with several investments worth over USD 4 billion, including USD 3 billion for supporting economic reforms in the sector, USD 635 million worth of direct investments from the global and Egyptian private sector to establish the largest international zone for solar power generation in Aswan with participation from the IFC, the WB’s private sector lending arm. This is in addition to more than USD 200 million worth of investment guarantees for the same project provided by the WB’s MIGA and foreign direct investments worth USD 150 million in the oil and gas sector.
Moreover, the Minister indicated that she would discuss the means of broadening cooperation between Egypt and the WB during the significant discussions to be held with various leaders at the WB during the upcoming period.