World Bank’s Chief to visit Egypt next week
World Bank President Jim Yong Kim - REUTERS/B Mathur

CAIRO: President of the World Bank Group (WB) Jim Yong Kim will pay Egypt an official two-day visit starting June 9, in light of the group’s “commitment to back development in country,” according to a Thursday statement.

This is the first time for Kim to visit Cairo since he headed the WB Group in July, 2012, the statement read.

“Egypt’s geographical location in the heart of three continents and its role in achieving regional stability is a key factor for luring investment, which would contribute to bolster growth and create jobs,” Kim said in the statement.

Kim will meet Egyptian Prime Minister Ibrahim Mahlab, ministers and senior officials, as well as representatives of private sector and NGOs, in order to discuss ways to maintain the WB’s support to boost sustainable growth and prosperity in Egypt.

Discussions will also touch on private sector’s role in Egypt’s economic development and growth in general.

WB’s Vice President for the Middle East and North Africa region Hafez Ghanem along with the International Finance Corporation’s regional director Moayed Makhlouf will accompany Kim during his visit.

Earier in April, the WB decided to increase its investments in Egypt to $4.5 billion in the coming four years.

It forecasts Egypt’s economy to grow by 2.9 percent during the current FY (2014/15), up from a 2.2 percent growth during the previous FY.

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