World Bank approves loan to Egypt
Official reports state that the World Bank has recently approved $150 million in loans to Egypt to be provided over the next three years. Possible beneficiaries of the grant will be discussed at a future meeting in Washington.
"The board approved a country assistance strategy for Egypt… that could be backed by up to $150 million if the authorities want," Mohammed Kamel Amr, the alternative executive director for Egypt and the Middle East at the World Bank, was quoted as saying by Reuters.
Amr added that first priority should be given to Egypt’s education and health sectors, and specifically to new graduates of Internet technology training programs.
Furthermore, the bank has already discussed in a recent meeting the proposed passage of a new mortgage law that is expected to have a positive effect on the country’s slumping construction sector, as well as the issuance of Egyptian bonds in world markets.
In addition, World Bank officials have expressed support for the significant economic progress Egypt has achieved in recent times, including the stabilization of inflation rates and improvement of the nation’s trade balance deficit.
In June 2000, the World Bank approved a $50 million loan to Egypt, for the purpose of financing the country’s second National Drainage Project. The project aimed to increase the agriculture productivity of about 800,000 feddans (340,000 hectares) of irrigated land by improving drainage conditions through the channeling of excess water. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)