Egypt Says WB Loan Mirrors Trust in National EconomySource: www.export-egypt.com 4/14/2014, Location: Africa |
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Egypt's planning and international cooperation minister Ashraf el-Arabi stressed that the 300-million-dollar loan granted by the World Bank to Egypt reflects trust of the international community in the national economy.
It also underlines Egypt's ability to recover and its commitment to go ahead with the implementation of the political road map plan el-Arabi said in press statements. The loan agreement aims to encourage sustainable private sector growth through investment in micro and small enterprises that are the main source of new employment opportunities in Egypt. Up to 130,000 enterprises will benefit from the loan, he said, expecting the project to be operational by June. He said this is the first project in the WB history that is approved by all executive directors. As for relations with the US, he said relations between Egypt and the US are strategic and should be strengthened within the coming period. There might be political differences between the two countries but they have a true desire to overcome them, he added. During his Washington visit, el-Arabi met with representatives of the WB, the International Finance Corporation and the International Monetary Fund. |
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