CAIRO, SEPT 9 (SEE)- Minister of Investment and International Cooperation Sahar Nasr met on Sunday with the World Bank mission to follow up the integrated program for the development of Sinai.
The mission confirmed the bank’s readiness to provide the necessary support to help boost economic and social development in Egypt, particularly the support of the Sinai Development Project, as well as efforts to improve the foreign investment climate.
The two sides agreed to speed up the bank’s assistance process, which is expected to reach about $1 billion, as the political leadership places priority on this project.
Nasr said that the bank will provide grants, which will contribute to the development of economic and social conditions and the provision of services all over the peninsula. “Sinai residents will receive 50 percent tax incentives guaranteed by the new Investment Law,” she said.
The ministry was able to provide $ 2.5 billion through the Saudi and the Kuwait Funds for Development, and the Arab Fund for Economic and Social Development.