SHARM EL SHEIKH, Egypt, Aug 6 , 2018(MENA) - The World Bank Vice President for Africa Hafez Ghanem stressed that Egypt witnessed marked improvement in its economic indicators reflected in the increase in growth rates and foreign reserves. This improvement qualifies the Egyptian market to receive more investments, he noted. In press statements on the sidelines of the African Caucus of the International Monetary Fund (IMF) and the World Bank Group (WBG), Ghanem said that the bank allocated $18 billion as financing for the African continent during 2018. Egypt's portion of these financings will increase during the coming phase, he asserted. The support offered to Africa by the bank targets achieving development and eradicating poverty, Ghanem reiterated, adding that Africa has great capabilities especially that its 70 per cent of its population are under the age of 30 years old. The support of the WB aims at investing in human resources and the infrastructure sectors, he went on to say. The bank backs mega projects that link the countries of the continent such as Alexandria-Cape Town road besides the power interconnection projects. He thanked the Egyptian government for organising the conference.
