WB Sign $300mn Deal on Upgrading Infrastructure
Source: www.export-egypt.com 10/13/2018
Egypt signed an agreement with the World Bank to back infrastructure at cost of 300 million dollars through proceeding with the "Sustainable Rural Sanitation Services Program".
The agreement was inked by Egyptian Minister of Investment Sahar Nasr and World Bank Group Vice President for Middle East and North Africa Ferid Belhaj, on the sidelines of the annual meetings of the World Bank and the International Monetary Fund, currently held in Bali, Indonesia.
Nasr said that the deal falls within the framework of the government's efforts to improve the infrastructure in rural areas and most-needy governorates in addition to enhancing social protection networks for the poor and limited-income brackets.
The project aims to complete providing 892,000 citizens in the most needy governorates with sanitation services, Nasr said, noting that Sharqia, Dakahlia, Damietta, Gharbia and Monufia are covered by the project.
Nasr pointed out that about 818,000 citizens have already benefited from the project's first phase, bringing the total number of those benefiting from it to 1.7 million.
The original $550 million program was launched in 2015 in support of the government’s National Rural Sanitation Program, Nasr said.
Nasr underscored that investing in the human capital tops the government's priorities.
Belhaj said that the bank's decision to invest in the Egyptian human capital comes as a result of the reforms that Cairo has implemented with the aim of achieving comprehensive leap in health care and education services as well as improving social protection programs.