Egypt-World Bank Cooperation Portfolio Records $8 Bln

The Egyptian Ministry of International Cooperation announced on Thursday that the cooperation portfolio between Egypt and the World Bank Group is estimated at $8 billion.

The amount is pided as $5.8 billion from the International Bank for Reconstruction and Development (IBRD), and $2.2 billion investments by other global financial entities.

This came during a meeting on Thursday between Minister of International Cooperation Rania Al-Mashat with a high-level delegation from the Bank executives during their visit to Egypt to present fiscal priorities during the coming stage, as well as the new strategy for cooperation, including structural and legislative reforms.

The two sides reviewed the new cooperation strategy during the coming years, especially in the areas such as social housing, local development, entrepreneurship, social protection, transportation, health care, environment and education.

The meeting touched on the future economic reforms that Egypt will undertake within its economic reform program.

They also discussed deepening the level of partnership during the coming years, as part of their efforts to achieve the goals of sustainable development, and in accordance with the priorities of the Egyptian government program in setting up new development projects, while supporting the private sector through the international community to achieve new success stories such as the solar power plant project in Benban Aswan.