Sisi, WB President meet and sign US$500 million loan

President Abdel Fattah Al Sisi had talks Wednesday with President of the World Bank Group Jim Yong Kim, currently visiting Sharm el-Sheikh to attend the third COMESA-EAC-SADC Tripartite Summit.

Meanwhile, Egypt has signed a $500-million loan agreement with the World Bank (WB), for the social housing program.

During the meeting, Kim hailed the success of the recent Egypt Economic Development Conference (EEDC), noting that the large participation in the conference had reflected the international interest in helping Egypt recover its economy, Egypt's Presidential Spokesman Alaa Youssef said.

Kim said he is interested to get acquainted with Sisi's vision on Egypt's priorities and means of promoting cooperation between Egypt and the World Bank.

Kim said the bank plans to double its investments in Egypt.

Meanwhile, Sisi said Egypt is keen on fostering cooperation with the World Bank – which is a key partner in the development process.

Sisi said Egypt is looking forward to supporting micro, small and medium sized projects to secure jobs, especially for the youths.

He said "Egypt is working on an ambitious national economic program which requires rallying international efforts, especially international associations like the World Bank."

He said Egypt's top priority is improving the people's standard of living in addition to programs for developing the sectors of education, vocational education, infrastructure and new and renewable energy.

Sisi underlined that Egypt is working seriously to find "applicable and successful" solutions to its problems.

Kim said he believed that the bank should not focus only on upping the Gross Domestic Product, but it should also work on realizing social and economic development.

He added that the bank helps chiefs of state who seek to attain their people's ambitions.

Kim said "Egypt is a cornerstone for realizing regional stability and the bank is keen on backing its march of development."

Sisi has posted Kim on the economic measures taken by the government to raise economic growth rates and shrink budget deficit, Youssef said.

Sisi also referred to several national projects, including a project for reclaiming million feddans project and the establishment of a national road network.

The president invited the international official to attend the inauguration ceremony of the new Suez Canal project.

Kim extolled the recent achievements in Egypt, stressing the bank's keenness to contribute to the all-out development march in the Arab state.

Egypt signed a $500-million loan agreement with the World Bank (WB), for the social housing program.

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