World Bank praises Egypt’s efforts to fight corruption, terrorism

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Tue, 02 Apr 2019 - 01:42 GMT

File - World Bank

File - World Bank

CAIRO 1 April 2019: The World Bank praised Egypt's efforts into fighting corruption, governance, counterterrorism, and its economic and social reform program, which contributed to increasing the rate of growth and injecting new investments.

This came during a meeting between the World Bank representatives with Egyptian officials in Washington. The delegation included Minister of Investment and International Cooperation Sahar Nasr who presented Egypt’s socio-economic reform programs.

The Egyptian officials said the government is proactively acting to eliminate corruption, money laundering, and terrorism.

Nasr reviewed measures taken by the ministry to settle investment disputes in collaboration with the Justice Ministry.

In the same context, President of the World Bank Group Jim Yong Kim lauded Egypt’s economic and social reform program as well as its success in investing in human capital in October 2018.

Egypt succeeded to slash energy subsidies so that investment in human capital increased, Kim said during the opening session of the 2018 Annual Meetings of the International Monetary Fund and the World Bank held in Indonesia’s Bali city.

The World Bank helped Egypt lure foreign investments from the private sector in the field of new and renewable energy, which led to an annual $14 billion increase in financial space for the Egyptian government, Kim revealed.

He also praised developing health, education and sanitation projects saying that Egypt had adopted a total different approach to human development.

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