Venezuela breaks diplomatic relations with Colombia over aid, Maduro says    Laporte signs two-year contract extension with Man City    Guardiola 'lucky' to be given time at Man City, says Chelsea's Sarri    At Vatican abuse summit, African nun scolds bishops on their errors    Turkish defence minister warns against vacuum of power in Syria: Anadolu    The war continues    Tottenham face 'cup final' at Burnley, says Pochettino    More than 100 separatists detained in Kashmir raids in pre-election crackdown    Sisi has strong vision for Africa's development: Cameroonian envoy to Egypt    Preparations for Egypt's Press Syndicate elections under way    Saudi Arabia strikes $10 bln China deal, talks de-radicalisation with Xi    Woman's creativity turns old furniture into modern art pieces    Mineral Wealth Law, terms of gold exploring do not attract investors: AL Raghy    "Global company to draft new terms to benefit from Egypt's mining wealth": official source    Mahmoud Abdallah appointed as AUC's senior adviser to president for ERM, strategy    Egypt reopens Port Tawfik-Jeddah navigation line    Egyptian, American, Chinese cooperation to find innovative solutions for problems facing three countries    Egypt, AfDB sign EGP 80m grant for development of entrepreneurship    Two frustrating goalless draws in UCL last 16    Interest rates expected to drop further in Egypt throughout 2019    Egypt's preparing for consultations over constitution amendments    Egypt's constitutional amendments: Opposition says no    Last piece of stolen ancient Egyptian relief recovered from Australia: Ministry    Samsung Galaxy S10 revealed: triple cameras, ultrasonic fingerprint sensors, 5G    Proactive NGOs    Cleaner Nile    Saving the children    The end of Alexandria shipbuilding?    New support for exports    Cars looking for buyers    The Forty Rules of Love play is back at Al-Salam Theatre    Coffin returns from New York    Controversy in Islamic Cairo    Israel arrests 40 Palestinians following closing Al-Rahma gate of Al-Aqsa Mosque    India's Narendra Modi hosts Saudi crown prince    Europe, immigration and the Arab-Muslim world    AIWFF honours Menna Shalaby    Egypt's Armed Forces kill 8 terrorists in North Sinai: Statement    Court upholds adding 241 defendants to terrorist list    Three policemen killed during suicide bombing near Al-Azhar Mosque    Egypt's Supreme Organising Committee for AFCON to manage economic aspects of tournament: Madbouly    Sports critic, media figure Khaled Tawhid passes away    NGO's general union to hold meetings with civil society representatives over constitutional amendments    Comprehensive security    Egypt in the heart of Africa    All hands on deck    Ismaili are back    Pressing for consultations    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

MIIC, IBRD discuss expediting procedures of signing $1.5bn for Sinai's development
ADFD's delegation to visit Egypt shortly, says statement
Published in Daily News Egypt on 15 - 10 - 2018

The Minister of Investment and International Cooperation, Sahar Nasr, met with the International Bank for Reconstruction Development's (IBRD) CEO, Kristalina Georgieva, where they discussed expediting procedures of signing $1bn for Sinai development projects, $500m for the second phase of social housing projects and supporting small and medium-sized enterprises, according to a Monday ministerial statement.
The meeting came on the sidelines of the World bank (WB) and International Monetary Fund (IMF) annual meetings in Bali, Indonesia, which were held from 8 to 14 October.
Georgieva said that her bank looks forward to boosting cooperation with the Egyptian authorities in many sectors such as infrastructure, transportation, agriculture as well as supporting Egypt's economic reform programme.
Georgieva added that the latest meeting which gathered president Abdel Fattah Al-Sisi with Kim Jim WB's president on the sidelines of the UNGA, was very fruitful, praising Egypt's leadership which drives the country towards accomplishing successful economic reform.
Nasr mentioned that the Egyptian government exerted efforts in developing the country's infrastructure, transportation, education as well as implementing some developmental projects in Sinai.
The statement noted that Nasr invited Georgieva to attend the 2018 Africa Forum, which will be held under the auspices of president Abdel Fattah Al-Sisi and organized by the MIIC with the COMESA Regional Investment Agency in Sharm El-Sheikh from 8 to 9 December 2018, while Georgieva praised last year's edition of the Africa Forum, hoping 2018's edition results in successful outcomes.
Additionally, Nasr met with representatives of the foreign financial institutions such as the European Bank for Reconstruction and Development (EBRD), Abu Dhabi Fund for Development (ADFD), Asian Infrastructure Investment Bank (AIIB), Saudi Fund for Development (SFD) and the Islamic Development Bank (IDB) to discuss boosting cooperation particularly for the Sinai development project.
Director of the Operations Department at ADFD, Adel Al-Hosni said that his bank has a programme for supporting the Sinai development project and is ready to boost his finances for the project, adding that a delegation from his bank will visit Egypt shortly to discuss the future plans.
For her part, Nasr said that Sinai development project aims to integrate Sinai into the country, create jobs, and increase Sinai's economic growth.
The minister noted that the project includes 26 segments, mainly in infrastructure, roads, health care, schools, and sanitation.

Clic here to read the story from its source.