Infrastructure construction in Egypt is set to improve as the World Bank head Jim Yong Kim expressed his support in various ongoing and upcoming projects.
In a meeting with Egyptian president Abdel-Fattah El-Sisi over the weekend in New York the World Bank boss said Egypt has a great potential in terms of development and it deserves more support.
According to the president in a statement they both agreed that the country need more reforms so that they can achieve the needed desire to achieve overall development.
El-Sisi and Kim also discussed a number of government megaprojects underway in Egypt which the World Bank could contribute to, including the project aiming to reclaim more than 1.5 million acres of land in Egypt’s western desert.
Egypt for a while have been benefiting from the world Bank as currently there are over 26 ongoing projects being funded by world bank and they are estimated to have a value of $5.5 billion.
Jim Yong Kim said that the World Bank understands Egypt’s need to accelerate economic development, and expressed support for the reforms adopted by the Egyptian government.
Currently there are ongoing plans to build a city to decongest the current Cairo and China is expected to carry out the project.
In the start of the year El-Sisi had signed off on a $500 million loan from the World Bank that will fund and implement the gas generation project for Egypt.
The government has also taken a $400 million loan from the World Bank to bolster a welfare project aimed at benefiting 1.5 million poor Egyptian families.
Infrastructure construction in Egypt is seen as a key driver to the economy.