World Bank: $1.2 bn disbursed annually to Egypt to finance development projects

The World Bank Vice President for the Middle East and North Africa, Ferid Belhaj, revealed that between one billion and $1.2 billion will be disbursed annually to Egypt to finance projects, whether infrastructure, transportation or environment, all of which are important projects at the level of human capital, social coverage and education.

This came with the meetings of IMF and the World Bank, as Belhaj added that the last program of cooperation with Egypt provides for disbursing of $7 bn to over 5 or 6 years, according to an interview with Belhaj with Al-Arabiya.

Belhaj described cooperation with Egypt as very strong, stressing confidence in Egypt and the sustainability of economies, especially in these critical times.

He said :"In medium and long term, we have confidence in the Egyptian economy and positive interaction with the Egyptian government."

And continued: “Financing continues gradually, as agreed, with investment in sectors that benefit the Egyptian economy and the citizen."

Regarding what was reported by some press sources about the suspension of cooperation with Tunisia, Belhaj said that the relationship with Tunisia is proceeding at the same level and the bank’s financing continues, at the end of the fiscal year, next June, it will obtain financing of about $500 mn.

He indicated that the partnership framework between the World Bank and Tunisia will be presented to the World Bank Board of Directors soon.