World Bank responds to BIC report

Cairo – 27 February 2017: The World Bank rejected criticism of its development policy and energy portfolio in Egypt, which came in a

report

issued by the

Bank Information Centre (BIC)

, a non-profit NGO, in January 2017.

The BIC report said the World Bank’s development policy exacerbates climate change in Peru, Indonesia, Egypt and Mozambique. In response the World Bank issued a statement calling the report incorrect on Feb. 22.

“The BIC report is factually incorrect and does not capture the extent of our energy portfolio in these countries,” the World Bank’s response stated, adding that the bank has a large program of renewable energy reform in Egypt, including policy support, and technical assistance.

The bank also said its “engagement in Egypt is focused on eliminating extreme poverty and boosting shared prosperity in a sustainable manner,” by focusing on reducing pollution, reducing barriers to clean energy and finding cost-effective solutions for environmental problems.

The World Bank’s response also replied to the criticism of its policies in Peru, Indonesia and Mozambique.

Egypt is expected to receive one million dollars from the World Bank by next month, an official at The Central Bank of Egypt announced on Sunday,

according to Masralarabia

.

This amount will be the second installment of a three million U.S. Dollar World Bank loan dedicated to support governmental economic reform in Egypt.