Egyptian President Hosni Mubarak will hold discussions with the President of the World Bank, James Wolfenson, regarding the bank’s plan to finance projects in Egypt amounting to 200 to 300 million dollars annually, according to Al Ahram daily.
The supports comes in in addition to a comprehensive plan, prepared in collaboration with the Egyptian side, for cooperation with Egypt over the next three years. The plan will focus on the Egyptian economic priorities.
Al Ahram cited Ambassador Mohammed Kamel Amr, deputy Executive Director and representative of Egypt and Arab countries at the World Bank board of directors, as saying that the talks, which are planned to take place between President Mubarak and the World Bank President in Washington during the president’s forthcoming visit to the American capital, are considered to be very crucial. This is because Wolfenson will present the World Bank’s comprehensive assessment of Egypt’s economic situation at both the regional and international levels.
“The President of the World Bank will review with President Mubarak the activities of the bank to alleviate the Palestinians’ suffering”, the Ambassador said. He added that the anticipated financing of the Egyptian projects by the bank would be between 200 to 300 million dollars annually. This is exactly equal to the sums which Egypt pays annually to the bank as settlement of its loans. Therefore, the new loans won’t add to Egypt’s debts. Albawaba.com
