Minister of Investment and International Cooperation Sahar Nasr, met with the World Bank (WB) mission who are responsible for following up on the Integrated Programme for the Development of Sinai, headed by Ashish Khan, according to a ministerial statement on Sunday.
The WB mission praised the economic and social programme of the current government and the remarkable economic and legislative reforms carried out by Egypt, including the New Investment Law and its executive regulations, the bankruptcy reform, the adjustments of the companies, the capital market law, and the law of financial leasing and privatisation, said the statement.
The bank affirmed its readiness to provide the necessary support to help push the process of economic and social development in Egypt and implement the integrated programme of developing the Sinai Peninsula.
Both sides discussed fastening the completion of the bank’s support for the integrated project for the development of the Sinai Peninsula, which is expected to reach about $1bn, noted the statement.
The minister affirmed the importance of the bank providing grants for the development of Sinai, as the political leadership places priority on this project, noting that the project will contribute to the development of economic and social plans and the provision of services in all regions.
The project will also provide thousands of jobs and contribute to the development needs of the eastern canal, said Nasr, highlighting that the projects include an integrated network of roads and link the Sinai Peninsula with the rest of the country’s governorates.
The project will additionally establish several new urban projects and small and medium enterprises (SMEs), as well as modern agricultural projects, desalination plants, and thousands of residential units.
The minister elaborated that some Arab funds will contribute to the projects, adding that the ministry managed to provide agreements worth about $2.5bn, such as from the Saudi Fund for Development, the Kuwaiti Fund for Development, and the Arab Fund for Economic and Social Development.
The Arab funds confirmed their continued support for the project during the coming period, affirmed Nasr, adding that she discussed with the WB the joint cooperation to support the private sector, SMEs, and infrastructure projects.