23 July 2019 06:04 PM

Nasr, WB team discuss extending dlrs 1 bn for supporting all-out development in Sinai

Sunday، 09 September 2018 - 01:12 PM

Investment Minister Sahar Nasr had talks on Sunday 9/9/2018 with a World Bank mission in charge of following up a comprehensive program for Sinai development.

The talks tackled means of accelerating procedures for the bank to extend dlrs 1 billion in support of the project.

In a statement, Nasr underlined the importance of the World Bank's allocation of several grants for developing Sinai as the political leadership gives top priority to this project.

The project will secure thousands of jobs and contribute to the development of eastern Suez Canal in order to have an all-out roads network linking the Sinai Peninsula to various governorates nationwide, she said.

Arab Funds; the Saudi Fund for Development, the Kuwait Fund for Arab Economic Development and the Arab Fund for Economic and Social Development, contributed by dlrs 2.5 billion to the project, she noted.

She added that Arab funds would continue buttressing the project in the coming years.

The World Bank mission hailed the economic and social reform program carried out by the Egyptian government, especially the issuance of a number of laws for improving the investment climate.

The talks tackled means of backing the private sector as well as small and medium sized enterprises in Sinai.

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