The Minister of Investment and International Cooperation, Sahar Nasr, met with the International Bank for Reconstruction Development’s (IBRD) CEO, Kristalina Georgieva, where they discussed expediting procedures of signing $1bn for Sinai development projects, $500m for the second phase of social housing projects and supporting small and medium-sized enterprises, according to a Monday ministerial statement.
The meeting came on the sidelines of the World bank (WB) and International Monetary Fund (IMF) annual meetings in Bali, Indonesia, which were held from 8 to 14 October.
Georgieva said that her bank looks forward to boosting cooperation with the Egyptian authorities in many sectors such as infrastructure, transportation, agriculture as well as supporting Egypt’s economic reform programme.
Georgieva added that the latest meeting which gathered president Abdel Fattah Al-Sisi with Kim Jim WB’s president on the sidelines of the UNGA, was very fruitful, praising Egypt’s leadership which drives the country towards accomplishing successful economic reform.
Nasr mentioned that the Egyptian government exerted efforts in developing the country’s infrastructure, transportation, education as well as implementing some developmental projects in Sinai.
The statement noted that Nasr invited Georgieva to attend the 2018 Africa Forum, which will be held under the auspices of president Abdel Fattah Al-Sisi and organized by the MIIC with the COMESA Regional Investment Agency in Sharm El-Sheikh from 8 to 9 December 2018, while Georgieva praised last year’s edition of the Africa Forum, hoping 2018’s edition results in successful outcomes.
Additionally, Nasr met with representatives of the foreign financial institutions such as the European Bank for Reconstruction and Development (EBRD), Abu Dhabi Fund for Development (ADFD), Asian Infrastructure Investment Bank (AIIB), Saudi Fund for Development (SFD) and the Islamic Development Bank (IDB) to discuss boosting cooperation particularly for the Sinai development project.
Director of the Operations Department at ADFD, Adel Al-Hosni said that his bank has a programme for supporting the Sinai development project and is ready to boost his finances for the project, adding that a delegation from his bank will visit Egypt shortly to discuss the future plans.
For her part, Nasr said that Sinai development project aims to integrate Sinai into the country, create jobs, and increase Sinai’s economic growth.
The minister noted that the project includes 26 segments, mainly in infrastructure, roads, health care, schools, and sanitation.