World Bank to finance Egypt with $7 billion over 6

Nabil Anas
Nabil Anas

Global Courant 2023-04-14 16:52:18

The World Bank’s most recent program of cooperation with Egypt involves the disbursement of $7 billion to the country over five or six years.

This is stated earlier in the World Bank Vice President for the Middle East and North Africa, Farid Belhajsaid.

Belhaj added, in an interview with the Al-Arabiya channel, on the sidelines of the International Monetary Fund and World Bank meetings, that between $1 billion and $1.2 billion will be disbursed annually to Egypt to fund projects to fund.

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The focus of these funds will be on infrastructure, education, transport or environmentally friendly projects.

Belhaj described cooperation with Egypt as “very strong”, highlighting confidence in Egypt and the sustainability of its economy.

“In the medium and long term, we are confident in the Egyptian economy and the positive interaction with the Egyptian government,” he added.

“Financing continues gradually, as agreed, with investments in sectors that benefit the Egyptian economy and citizens,” he said.

The World Bank lowered its forecast for Egypt’s gross domestic product growth during the current fiscal year from 4.8 percent, previously forecast, from 4.8 percent to four percent. in its October report.

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According to a report on the latest economic developments, the World Bank on April 6 expects a slowdown in the growth of Egypt’s economy for the current year, compared to growth of 6.6 percent during the past fiscal year.

On March 14, the Egyptian government announced an expected economic growth of 4.2 percent for the current fiscal year, which is higher than the IMF’s latest estimates of 4 percent.

However, the IMF forecast that Egypt’s economy will grow at 5.3 percent in the coming fiscal year, while the government expects the economy to grow at 4.1 percent.

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World Bank to finance Egypt with $7 billion over 6

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