Minister of Investment and International Cooperation Sahar Nasr has participated in different meetings during her current visit to Washington to join the World Bank’s spring meetings.
During the visit, Nasr met the vice chairperson of General Electric (GE), John Rice, and they both discussed the possible ways of cooperating with the government.
The ministry explained in a press statement that GE’s offer includes providing Egypt with 100 to 200 train wagons, 35% of which would be manufactured in Egypt in the framework of the company’s vision to increase its investments in Egypt and create more jobs.
However, the sides also held talks about the results of Egyptian President Abdel Fattah Al-Sisi’s visit to the US. Nasr stated that the offer of the American company must be in line with the best international standards that would be suitable for the needs of the Egyptian people. She stated that GE’s willingness to manufacture 35% of the wagons locally would help with the transfer of technology into Egypt and also provide job opportunities for Egyptians. GE also wants to expand investments in the renewable energy sector.
Moreover, she discussed with the vice president of the European Bank for Reconstruction and Development (EBRD), Philip Bennett, the ways of increasing the bank’s supports for energy sector in Egypt.
She stated that the government appreciates the deep relation between the EBRD and Egypt, which increased the bank’s support to 43 projects worth $1.9bn, especially in the fields of communication and transportation.
Nasr welcomed the EBRD’s approval to consider Egypt in its “strategy of development” during the next four years, adding that she looks forward to participating in the bank’s meetings in Cyprus in May.
Furthermore, Nasr met the CEO of the World Bank, Kristalina Georgieva, who discussed the cooperation in the fields of governance, sustainable development, and combating corruption.
Georgieva emphasised that the World Bank wants to continue cooperating with Egypt in the future, and Nasr said that Egypt wants to benefit from Georgieva’s great experience.
On the other hand, the minister explained to the round table meeting that inequality in the Middle East and North Africa has a negative effect on sustainable development efforts, preventing the combating of poverty and slowing the rate of the economy’s growth.
She explained that Egypt has been taking serious steps to empower women and youth in order to reduce the gap of economic and social discrimination and inequality.
The government has also adopted strategies to prevent violence against women in Egypt, Nasr noted.