World Bank underscores Egypt’s Economic Summit
The World Bank headquarters - AP/Lawrence Jackson

CAIRO: The Egyptian government “is convinced” that its Economic Summit in March must present a credible plan on development projects to attract investors, rather than to seek funding, Shanta Devarajan, a chief economist at the World Bank, told MENA Wednesday.

Devarajan, the Chief Economist of the World Bank’s Middle East and North Africa Region, underscored the World Bank’s attendance, saying that Egypt should convince investors they would be part of its future development because “tax exemptions are not the ideal means to encourage businessmen.”

Sahar Nasr, the World Bank’s Lead Financial Economist of the MENA Micro, Small and Medium Enterprises section, told MENA Tuesday that the bank plans to fund projects worth $5 billion in Egypt in 2015.

The World Bank’s projects in Egypt aim to house low-income people, support the Principal Bank for Development and Agricultural Credit, and create job opportunities for youth and women through financial and technical support, according to Devarajan and Nasr.


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