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World Bank chief end Egyptian visit on positive note

afrol News, 14 December - The World Bank Managing Director Juan Jose Daboub has today concluded an official visit to Egypt during which he discussed with government officials and key stakeholders the challenges and opportunities of the current crisis.

Dr Daboub met with senior government officials including Egypt’s Prime Minister Dr Ahmed Nazif and members of his cabinet as well as representatives of private sector and think tanks.

“We are working closely with the government to support the country’s priorities for the period ahead,” said Dr Daboub. “Egypt experienced high economic growth in FY06-FY08 and the country has been the largest recipient of Foreign Direct Investments in the Middle East and North Africa (MENA) region,” he further added.

Concluding his visit to Egypt, Dr Daboub joined Egypt’s senior officials in addressing the opening session of the Fourth Cairo Investment Forum, which is held under the patronage of the Egyptian President Mohamed Hosni Mubarak. “Egypt is about opportunities. In order to create jobs as the best tool to alleviate poverty, the government and the private sector continue to work together towards a common vision. World Bank Group, with its private sector arm, International Finance Corporation, stands ready to support their efforts,” Dr Daboub said.

In addition, he participated at a regional meeting on Strengthening Cooperation to Investigate and Prosecute Corruption and Financial Crimes in MENA. In addressing several regional heads of anti-corruption units, Dr Daboub emphasised the importance of improving transparency and accountability. “Strengthening institutions and fighting corruption is key to ensure that resources reach their intended destination. Corruption robs people the opportunity to take destiny into their own hands. Therefore, it needs to be fought head-on,” he said.

Over the past years, the World Bank Programme in Egypt has expanded and currently finances technical assistance and projects in the infrastructure, financial, water and sanitation, education, health, rural development and environment sectors.

This visit was also an occasion to discuss Egypt’s support for the Arab World Initiative which seeks to strengthen the Region’s integration efforts. “As a knowledge leader and a top reformer, Egypt has a unique convening capacity that can help promote regional economic integration to set the Arab world on a higher and sustainable growth path,” Dr Daboub noted.

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