Egypt’s minister of investment, Sahar Nasr, and minister of planning, Hala El-Saidd discussed Sinai development projects, and how can the World Bank(WB) aid in completing such goals, during their meeting with the WB officials in Washington DC on Saturday.
The meeting focused on the different ways that the WB and the International Finance Cooperation (IFC) can support and participate in the ongoing development projects, in partnership with the private sector, which will be carried out by the Egyptian-Saudi investment fund in the Sinai Peninsula.
According to Nasr, the Egyptian-Saudi investment fund will inject $16bn of investments into different projects across all governorates.
The WB Practice Manager Jean Pesme showcased the banks eagerness to support the private sector in development projects in Sinai.
On a different note, the two ministers also held a meeting with the Middle East and North Africa vice president of the WB, to discuss how to accelerate the procedures needed to receive the $1bn of support for Sinai development, in addition to the $5m funding for the affordable social housing projects.