Egypt, World Bank Group cooperation portfolio totals 8 bln USD: PM

Source: Xinhua| 2020-01-17 21:54:24|Editor: xuxin
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CAIRO, Jan. 17 (Xinhua) -- The cooperation portfolio between Egypt and the World Bank Group is estimated at 8 billion U.S. dollars, the Egyptian cabinet said in a statement on Friday.

"This amount covers the sectors with high priority to the government," the statement quoted Egyptian Prime Minister Mostafa Madbouly as saying.

The amount includes 5.8 billion U.S. dollars of investment by International Bank for Reconstruction and Development and 2.2 billion U.S. dollars of investment by global financial entities, the statement added.

It reiterated that the government attributed special importance to the private sector in the country's economic activities in partnership with the World Bank Group for achieving the 2030 Sustainable Development objectives.

Madbouly hailed the national economic reform, adopted in 2016, for its effect on the country's economic indicators, as the GDP growth hit 5.6 percent, cash reserve reached 45.5 billion U.S. dollars, unemployment rates declined to 7.5 percent, while tourism revenues reached 12.6 billion U.S. dollars in 2019.

The remarks came after a meeting on Thursday with high-ranking executives from the World Bank presenting the results of Egyptian government's economic reform between 2016 to 2019.

Egypt's economy has been battered by years of turmoil following the 2011 popular uprising that toppled former President Hosni Mubarak.

However, the country has recently shown signs of economic improvement amid strict reforms, including tax hikes and energy subsidy cuts recommended by the International Monetary Fund that supports Egypt's economic reform plan with a 12-billion-USD loan.