Infrastructure construction in Egypt is set to improve as the World Bank head Jim Yong Kim expressed his support in various ongoing and upcoming projects.
In a meeting with Egyptian president Abdel-Fattah El-Sisi over the weekend in New York the World Bank boss said Egypt has a great potential in terms of development and it deserves more support.
They discussed a number of government megaprojects in Egypt to which the World Bank could contribute, including one to reclaim over than 1.5 million acres of land in Egypt’s western desert.
Egypt currently has over 26 ongoing projects being funded by World Bank with an estimated to have a value of $5.5 billion.
The government has also taken a $400 million loan from the World Bank to bolster a welfare project aimed at benefiting 1.5 million poor Egyptian families.
Infrastructure construction in Egypt is seen as a key driver to the economy.
