World Bank lauds Egypt's subsidized bread, commodities' systems

The World Bank praised Egypt's experience in applying subsidized bread and commodities' systems.

A statement by the Ministry of Supply and Internal Trade said the systems come as part of the sustainable development strategy 2030.

They also succeeded to help the Egyptian state offer a direct social remedy and achieve economic reforms through a first-of-its-kind and modern direct financial support, the statement added. 

The WB considered both systems as models in the subsidies' field and decided to make use of them in supporting other countries, according to Minister Khaled Hanafi.

Upon an invitation from the WB, Hanafi reviewed both Egyptian systems during his meeting with its members in Washington.

Accompanied by Planning Minister Ashraf el Araby, Hanafi discussed Egypt's economic future and reform and development mechanisms during his meetings with Merza Hasan, World Bank Group Executive Director and Dean of the Board, Hafez Ghanem, World Bank Vice President for the Middle East and North Africa (MENA) region, Hazem el Beblawi, Executive Director of the IMF and former Egyptian prime minister and Yasser Reda, Egypt's Ambassador to the US.

According to the statement, Hanafi will hold later today meetings with WB deputy chairmen and a number of senior officials before heading on Friday to San Francisco for meetings with business leaders operating in the fields of ration cards' technologies.