20 February 2013

Egypt: WB Director - Political Conflicts Should Not Affect Development

Hartwig Schafer the World Bank's Country Director for Egypt, Yemen and Djibouti, said that the World Bank (WB) is in the service of Egypt at his first press interview in Egypt after taking office.

He confirmed that Egypt is one member of 187 members in the WB and pointed out that most of the projects funded by the WB services 25% of the poorest people, because combating poverty is one of the WB's main goals.

Schafer added that Egypt is keen on providing loans for the projects that have revenues, which will allow Egypt to pay the loan installments.

The WB does not impose any conditions on Egypt to have loans. The bank is only committed to offer technical support and international experts if asked by the government.

The relation between WB and Egypt has extended for many years and is determined by a strategy based on the needs of Egypt... What is the framework of this relation after 25th January revolution?

WB Director said that the relation after the revolution is going well and we are working in the framework of a temporary strategy developed in the middle of 2012 till December 2013. This is a flexible strategy based on the needs of Egypt.

What was achieved from this strategy during the current political tension?

The temporary strategy focused on three main areas, the first is providing job opportunities, the second is helping the government to achieve economic stability and the third is helping the citizens to participate in determining the economic policy of the state.

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