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World Bank ready to finance Egyptian nuclear energy ventures

CAIRO: The bank is ready to finance any Egyptian peaceful nuclear energy ventures if the government asked for it, World Bank Executive Director Mohamed Kamel Amr was reported to have said in statements to local press earlier this week. Egypt s status inside the World Bank is strong now and has the potential to obtain …


CAIRO: The bank is ready to finance any Egyptian peaceful nuclear energy ventures if the government asked for it, World Bank Executive Director Mohamed Kamel Amr was reported to have said in statements to local press earlier this week.

Egypt s status inside the World Bank is strong now and has the potential to obtain any of the bank s loans, added the World Bank official.

The bank has no remarks on the performance of the Egyptian economy at the present time, pointing out to a number of demands by the bank that were met by the Egyptian government such as decreasing customs items and liberalizing the local currency s exchange rate, said the world bank official .

This has resulted in an increase in the value of the Egyptian pound against the US dollar, he noted.

The World Bank is now assisting the Egyptian government through providing technical consultation on reforming and developing the pensions system in Egypt and the postal sector, the director pointed out in reports by the State Information Service.

The bank is expected to offer an LE 500 million loan to the government to be allocated for real estate debit, the World Bank official was also reported to have said.

Egypt is the second country the Bank offers loans to in its local currency.

Topics: FJP

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