World Bank increases investments in Egypt to $4.5bn in 4 years

The World Bank (WB) will increase its investments in Egypt to 4.5 billion dollars in four years with an annual rate of 1.2 billion dollars, a senior WB official said on Thursday.

Hafez Ghanem, the Vice President of the World Bank for the Middle East and North Africa, said the decision comes in recognition of the important role played by the Middle East countries in bringing about stability in the whole world.

He added that the new investments will cover the fields of education, irrigation and agriculture.

"As for the Gulf states, technical support will be provided for them in a manner that allows the exchange of expertise between the WB and these states," Ghanem said, adding that the current changes in the Arab region would be a chance to create new economies.

Ghanem, meanwhile, warned against the high rate of unemployment in the Arab countries, calling for an immediate development of the private sector to provide more job opportunities for the Arab youth.

Ghanem stressed the importance of upgrading education and rationalizing subsidies to help the poor people.