CAIRO: Minister of industry Mounir Fakhry Abdel Nour declared Saturday that the World Bank has approved giving Egypt a 300 million dollar loan to fund small projects.
He added in a statement during his meeting with the bank’s representatives that this loan is going to create new chances for youth in Upper Egypt and isolated areas.
“This project is considered the first after the 30 June revolution that assures that Egypt regained the trust of foreign organizations. The bank was assured by the Egyptian government that its projects in Egypt are secure. Abdel Nour added that “it is important during the coming period that we benefit from the World Bank’s managerial experience.”
Bank representatives arrived to Egypt Thursday headed by Hartwig Schafer soon after president Abdel Fatah al-Sisi issued new amendments on fuel prices and cut back on subsides.
Fakhri al-Feqy, former advisor to the international monetary fund told Sada Elbalad Sunday that this loan is Egypt’s right as it’s a “full” member of the bank and has the right to ask for loans to fund its projects.
He added that Egypt’s relation with the World Bank didn’t change since the 25 January revolution. “The opening of a new regional office of the bank in Egypt reflects our major role in the whole region.” He said.
The World Bank has praised in previous statements the government’s decision regarding cutting fuel subsides, saying that it represents the beginning of the path towards economic reform.