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CAIRO: A top global finance chief has pledged World Bank support for Egypt’s ambitious economic reform plans.
The promise of help came during a meeting between Egyptian President Abdel Fattah El-Sisi and World Bank President David Malpass to discuss the north African country’s growth projects.
Egypt has had major success in recent years overcoming economic difficulties brought on by strict austerity measures, much of it credited to the implementation of an economic reform program which has boosted its financial status.
Backing for Egypt’s initiatives has come from the International Monetary Fund (IMF), an organization consisting of 189 countries which works toward achieving financial stability, high employment and sustainable economic growth. The IMF also aims to reduce poverty, all with occasional dependency on the World Bank for its resources.
During the meeting with El-Sisi, held on Sept. 25, Malpass said the bank was keen to help Egypt with projects in various fields to promote growth in areas including transportation, health, education and the private sector.
Implementing large-scale development projects was only one of the aspects the country has been working on to achieve economic reform. El-Sisi is also a major advocate of the empowerment of women and the younger generation.
Egypt’s steady development has been achieved due to a period of sustained economic and political stability, a position that has encouraged the World Bank to offer a helping hand.
Malpass said developing countries should use the Egyptian reform and development programs as a model to emulate.
The Egyptian government has vowed to take whatever means necessary to ensure the burdens of economic reform remain at a minimum.
In May, following a visit by Malpass to the country, Egypt and the World Bank agreed a $200 million (SR750 million) deal to help support entrepreneurs as well as small and medium-sized enterprises, with a particular focus on increased access to credit.
With the agreement came the launch of the Motivating Entrepreneurship for Employment scheme to help women and young people overcome the obstacles to starting a business. Under the accord, it is also hoped that future African development work can take place through the establishment of projects between countries on the continent.
Egypt has also been working to attract more tourists through the launch of its Tourism Reform Program in November last year, with government and private sector bodies involved in the industry joining forces to promote the country as a visitor destination.
One example of the successful outcomes of the reform measures has been Egypt’s ability to meet its foreign debt commitments on time.