Egypt Independent

World Bank to continue supporting Egypt’s economic reform program



The World Bank’s (WB) executive managers said during the end of their four-day-visit to Egypt on Tuesday that the bank will continue supporting Egypt’s economic reform program.

The Dean of the Board of WB’s Executive Managers Mirza Hassan said that the World Bank is keen on supporting the Egyptian government’s economic reforms, empowering the private sector’s investments, creating labor opportunities and implementing the social protection’s programs.

Hassan added that the WB’s projects in Upper Egypt have achieved progress, encouraging comprehensive sustainable development.

The executive managers visited the Benban Solar Park in Aswan containing 32 photovoltaic power stations with a total capacity of 1800 MWp1, serving around 800,000 citizens and creating 14,000 job opportunities.

The executive managers also visited the “Takaful and Karama” initiative’s Cash Transfers Project and a health unit under Egypt’s Healthcare System Project in Aswan, meeting with entrepreneurs who utilized the “Encouragement of Innovation in Financial Inclusion Project” for small and middle-sized companies.

Egyptian Prime Minister Mostafa Madbouly earlier on January said that Egypt’s economic reform program proved to be a great success. He stressed that the government is moving quickly to complete the second phase of the economic reforms.

He said that the Egyptian economy’s indicators showed a growth rate of 5.6 percent – which the government is working to increase – and that foreign exchange reserves reached more than $45.5 billion.

Edited translation from Al-Masry Al-Youm