World Bank to provide Egypt with $1.5 billion soft loans
The World Bank will provide Egypt with $1.5 billion in soft loans over the next three years, reported AFP. The Bank’s support will be funneled into various sectors, including health, education and information technology.
In a recent meeting with Egyptian Prime Minister Atef Ebeid, World Bank vice-president Jean-Louis Sarbib told him that the bank "envisages an association agreement with Egypt and the World Bank in the field of infrastructure," which would also cover "the increase of Egyptian exports to various countries around the world."
A Consultative Group (CG) meeting for Egypt will be held at the Jolie Ville Movenpick Golf Hotel in Sharm-El-Sheikh, under the auspices of the World Bank. The CG will begin with an update of Egypt’s economic performance over the past three years and continue with a special focus on poverty alleviation and human development. At the request of the government there will also be a separate discussion of the Social Fund for Development.
An international meeting to discuss aid to Egypt has been postponed until February to better determine the economic impact of the current international crisis over terrorism, sponsors said Sunday, October 28. — (Mena Report)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)