The World Bank has approved on Tuesday a project in the amount of $100 million to finance the Alexandria Development Project.
The project aims to support local development in Alexandria by removing key infrastructural constraints, reducing barriers to investment, and ensuring the socioeconomic integration of the poor.
“The city of Alexandria with its competitive advantages is well poised to serve as one of Egypt’s main engines of economic growth. The Alexandria Development Project is in line with objectives of the World Bank Country Assistance Strategy for Egypt- namely, facilitating private sector development, enhancing the provision of public services and promoting equity,” said Emmanuel Mbi, World Bank Country Director for Egypt, Yemen and Djibouti.
Alexandria Governorate has a population of 3.9 million inhabitants, 95% of whom live in its capital city. Alexandria is currently facing 3 priority challenges as identified in its strategic plan: the first is to create a minimum of 40,000 jobs/year, the second is to upgrade 30 squatter settlements where one-third of the population lives with limited access to infrastructure and municipal service and a high rate of unemployment (15-20%), and the third is to address pollution in Lake Marriout due to the discharge of untreated and primary treated sewage and industrial waste.
“Urban upgrading in Egypt is experiencing a shift toward more responsive approaches to community priorities. Involving communities and investing in people is one way of building a more transparent platform for leveraging resources, promoting accountability and including marginalized communities,” said Hedi Larbi, Sector Manager, Urban and Transport Unit in the Middle East and North Africa Region.
