World Bank Group Executive Directors Reiterate Support to Egypt
A delegation from the World Bank Board of Executive Directors concluded a four-day visit to Egypt by reiterating continued commitment to supporting the country’s development priorities.
The delegation visited Upper Egypt and met with civil society representatives and local investors in Aswan. They also visited two projects focused on employment creation and service delivery which are Enhancing Access to Finance for Micro and Small Enterprises Project and Emergency Labor Intensive Investment Project.
“We are pleased to visit several projects that are creating jobs and delivering services,” said Merza Hasan, Executive Director representing Kuwait, Bahrain, Egypt, Iraq, Jordan, Lebanon, Libya, Maldives, Oman, Qatar, Syria, United Arab Emirates and Yemen. “In Upper Egypt, it was a good opportunity to engage with various stakeholders on how best the Group can support job creation and improve service delivery.”
Which Executive Directors visited Egypt?
- Omar BOUGARA, Executive Director representing Algeria, Afghanistan, Ghana, Islamic Republic of Iran, Morocco, Pakistan, and Tunisia
- Vadim GRISHIN, Executive Director representing Russian Federation
- Satu Leena Elina SANTALA, Executive Director representing Denmark, Finland, and Iceland
- Herve JODON DE VILLEROCHE, Executive Director representing France
- Michael Thomas WILLCOCK, Executive Director representing Australia, Korea, and New Zealand
- Merza HUSSAIN HASAN, Executive Director, representing Bahrain, Egypt, Iraq and Jordan
- Frank HEEMSKERK, Executive Director, representing Cyprus, Israel, and the Netherlands
- Sara Margalit AVIEL, Alternate Executive Director representing the United States
- Rogerio STUDART, Alternate Executive Director representing Brazil, Colombia, and the Dominican Republic
- Ibrahim ALTURKI, Alternate Executive Director, representing Saudi Arabia
- Boonchai CHARASSANGSOMBOON, Alternate Executive Director representing Myanmar, Fiji, Indonesia, and Laos
- Karim WISSA, Alternate Executive Director for Egypt
The 25 members of the Executive Board represent the interests of the 189 member countries that make up the World Bank Group. The Bank’s Board of Executive Directors is responsible for approving the projects and strategies developed by World Bank Group staff.
On March 5, the World Bank Group launched the preparation for a new partnership strategy with Egypt, which will guide engagement in the country for the next five years.
The current portfolio of the World Bank in Egypt includes 24 projects for a total commitment of US$4.6 billion as well as 43 trust fund grants for a total commitment of US$190.2 million. The World Bank finances projects for faster delivery of benefits to the people of Egypt in key sectors including energy, transport, water and sanitation, agriculture and irrigation as well as health and education.
Between Fiscal Year (FY) 2011-FY14, IFC committed over US$1 billion in 17 projects (of which US$303 million is mobilization). IFC has a total portfolio of around US$1 billion in 34 projects as of December 2013, the largest in MENA region. IFC investments include: financial markets, chemicals, oil and gas, agribusiness, manufacturing and health care sectors.
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