World Bank doubles investments in Egypt

The World Bank doubled its investments in Egypt to hit USD1.200 billion per year, said Vice President of the World Bank for the Middle East and North Africa Hafez Ghanem.
Ghanem's remarks came on Monday during a visit to the WB projects in Aswan governorate southern Egypt.
Ghanem hailed the Egypt Economic Development Conference (EEDC) as successful, noting that the international gathering helped regain the investors' trust in the Egyptian economy.
The WB projects in Egypt focus on the social and education sectors, he said.
The Egyptian Social Solidarity Ministry received a USD400 million-loan from the WB last month, he said, adding that the WB will further support social housing in Egypt with USD500 million.
During the three-day event, Egypt signed investment deals worth more than USD138 billion, while Arab Gulf neighbors, Saudi Arabia, Kuwait and the United Arab Emirates, pledged another USD12 billion to help stabilize its economy.