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Egypt Discusses a New Loan with the World Bank

By Mohamed Salah The Egyptian government has started negotiating loan with the World Bank to finance the privatisation and restructuring of the public sector. The former International Monetary Fund’s assistant managing director, Dr. Fakhry El-Fekky, said the government may have to continue the privatisation process started by the previous governments. He said there are indicators …

Daily News Egypt

South Sudan joins IMF, World Bank

By AFP WASHINGTON: South Sudan, the world’s newest nation, joined the World Bank and the International Monetary Fund on Wednesday, becoming the sister institutions 188th member. IMF chief Christine Lagarde welcomed South Sudan to the fund, saying “the IMF will do its best to assist the country in setting up the foundations for economic stability …

DNE

World Bank picks American health expert Kim as president

By Lesley Wroughton /Reuters WASHINGTON: The World Bank on Monday chose Korean-born American health expert Jim Yong Kim as its new president, maintaining Washington’s grip on the job and leaving developing countries questioning the selection process. Kim, 52, won the job over Nigeria’s widely respected finance minister Ngozi Okonjo-Iweala, with the support of Washington’s allies …

DNE

Obama’s blunder at the bank

By Jagdish Bhagwati NEW YORK: The selection of a successor to Robert Zoellick as President of the World Bank was supposed to initiate a new era of open meritocratic competition, breaking the traditional hold that the United States has had on the job. Indeed, Zoellick’s own appointment was widely regarded as “illegitimate” from that perspective. But …

DNE

IFC helps educator build schools across Egypt

CAIRO: IFC, a member of the World Bank Group, is lending the Cairo Investment and Real Estate Development company (CIRA) up to $15 million to help the firm build primary and secondary schools across Egypt, according to a statement. The funding support from IFC will enable CIRA, a provider of kindergarten through grade 12 instruction, …

DNE

What should the World Bank do?

By José Antonio Ocampo NEW YORK: I have been honored by World Bank directors representing developing countries and Russia to be selected as one of two developing-country candidates to become the Bank’s next president. So I want to make known to the global community the principles that will guide my actions if I am elected — …

DNE

Whose World Bank?

By Joseph E. Stiglitz NEW YORK: US President Barack Obama’s nomination of Jim Yong Kim for the presidency of the World Bank has been well received — and rightly so, especially given some of the other names that were bandied about. In Kim, a public-health professor who is now President of Dartmouth University and previously led …

DNE

World Bank head says US leadership still key

By Ravi Nessman / AP NEW DELHI: Amid a global debate about who should succeed him as World Bank president, Robert Zoellick said Friday that it is important for US candidates to get top leadership roles in international institutions if the world wants to keep Washington supporting them. The 187-nation World Bank has been led by …

DNE

Breakthrough leadership for the World Bank

By Jeffrey Sachs NEW YORK: Last month, I called for the World Bank to be led by a global development leader rather than a banker or political insider. “The Bank needs an accomplished professional who is ready to tackle the great challenges of sustainable development from day one,” I wrote. Now that US President Barack Obama …

DNE

Developing nations to name two candidates for World Bank

By Lesley Wroughton / Reuters WASHINGTON: Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo are set to be nominated to lead the World Bank, sources with knowledge of emerging market efforts to find candidates said on Tuesday. The candidacies of Okonjo-Iweala and Ocampo, who have credentials as both economists and diplomats …

DNE

Water deficit may cost Egypt $11 bln annually: World Bank

By Reem Abdellatif CAIRO: The world’s water deficit will grow to 200 billion cubic meters (BCM) per year by 2050, and may cost Egypt $11 billion annually, a World Bank official said. “Closing this deficit will be a significant challenge, costing the world $104 billion per year, while costing Egypt alone $11 billion per year,” Bekele …

DNE

IEG evaluates World Bank response to financial crisis

By Amir Makar CAIRO: In spite of facing some macro-economic hurdles, countries that were better prepared to engage in the World Bank’s crisis-related financial sector operations were less affected by the global financial crisis, according to a recent report by the Independent Evaluation Group (IEG). IEG, which reports directly to the World Bank Group’s boards of …

DNE

Race picks up to head World Bank

By Veronica Smith / AFP WASHINGTON: The race to succeed World Bank president Robert Zoellick is heating up with the emergence of the first declared candidate, another American. Renowned economist Jeffrey Sachs, who led the UN committee on the Millennium Development Goals, threw his hat in the ring Friday in a Washington Post op-ed piece, saying …

DNE

PA approves Egypt contribution to IDA’s replenishment

By Heba Hesham CAIRO: Egypt will increase its contribution to the International Development Association, a World Bank fund that helps the world’s poorest nations, after the People’s Assembly approved the move. “The total increase is estimated at SDR 31.5 billion, which is equivalent to $47.25 billion, while Egypt’s share is estimated at about $2.2 million to …

DNE

Hikma gets up to $110 mln from World Bank lender

LONDON: Jordan-based Hikma Pharmaceuticals is to receive up to $110 million in debt financing from the World Bank’s private-sector lender to help improve access to high-quality generic medicines in the Middle East and North Africa. The International Finance Corp (IFC) said on Monday the investment would enable Hikma to provide more high-quality medicines to people …

DNE

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