Investment Minister Sahar Nasr discussed the Sinai Development Project with a delegation from the World Bank (WB), headed by the institution’s Lead Energy Specialist Ashish Khanna.
Nasr discussed the WB’s support to the project, which is expected to reach about US $1 billion.
The delegation praised the ongoing economic, social and legislative reforms by the Egyptian government, and affirmed the WB’s readiness to provide support with economic and social development, especially regarding the Sinai Peninsula, and attracting the private sector and foreign investment.
The two sides also discussed the WB’s support for the private sector, small and medium enterprises, women’s projects, and infrastructure in the Sinai Peninsula which would help attract investors towards the region; particularly since the investment law includes tax exemptions for up to 50 percent of investment costs in needy areas like Sinai.
The minister stressed the importance of providing non-refundable grants for Sinai’s development, as the government prioritizes projects that focus on economic and social development plans and generate thousands of jobs.
Nasr said that the Sinai Development Project includes an integrated network of roads to facilitate linking the Sinai Peninsula with the rest of the governorates, the establishment of many new urban communities, small and medium enterprises, agricultural projects, and seawater desalination plants.
She added that the Arab funds also contributed to the development of the Sinai project at a value of $2.5 billion so far.
Edited translation from Al-Masry Al-Youm