The World Bank expects the Egyptian economy to grow at 5% in this year. The Bank has initiated a timetable for procedures through which the strategic agreement approved by the institution and Egypt would be implemented.
The Bank will discuss with the Egyptian government the plan to focus on Egypt's priorities of financial sector reform and socio-economic projects to improve education, environment, etc.. The Bank's Managing Director, Mohamed Kamel Amr said that Board members including US, France and other countries agreed that the political and economic conditions in Egypt are suitable for higher economic growth.
World Bank officials said that the bank is willing to offer technical and financial assistance for the country's financial sector reform. The WB officials said that Egypt is eligible to receive its maximum sanctioned assistance from the bank; of up to USD 700mn annually.