The Minister of Investment and International Cooperation Sahar Nasr held a meeting with the World Bank’s vice president, Jan Walliser, during her current visit to Washington to attend the bank’s spring meetings. Egypt minister, talked about the allocation of the third tranche of the loan ($1bn), from World Bank to the country. Furthermore, Nasr said that the government wants the World Bank to expand financing to develop projects in Upper Egypt, which were originally financed with $500m, as well as to consider establishing more labourintensive projects by allocating finances worth $150m.
Vice Prime Minister, Public Health Minister, Ghassan Hasbani, wrapped up his meetings at the World Bank in Washington, where he succeeded in approving a sum of 150 million dollars in support of the infrastructure of the health sector in Lebanon. During his visit, Hasbani briefed to the decision makers Lebanon’s suffering, due to the Syrian influx, socially, medically, financially, and economically, and the heavy toll all those took on the country’s infrastructure. Minister Hasabani revealed that the meetings that he held with some of the U.S. officials were positive, noting that the new U.S. administration was aware of the challenges that Lebanon was facing.
The average annual inflation will decline to 5% in Azerbaijan in 2017 due to limited liquidity on the market, the World Bank (WB) said in its updated “Azerbaijan Partnership Program Snapshot” report. The report added, “Azerbaijan’s economy is likely to experience another year of negative growth in 2017 despite the anticipated recovery of oil prices, as oil production is not expected to increase and the non-oil sector continues to be affected by the government’s spending cuts and the banking sector distress. Non-oil sector growth will also remain weak”.
King Salman and President of the World Bank Jim Yong Kim met in Riyadh and dicussed aspects of cooperation between the Kingdom and the World Bank Group. Kim expressed the Bank’s desire to partecipate in the Kingdom’s Vision 2030. The President of the World Bank also met with Deputy Crown Prince Muhammad bin Salman and the two talked about cooperation on reconstruction of Yemen to overcome the current crisis and make available of the basic needs for Yemeni people.
The World Bank (WB) will make a decision regarding financing of the construction of the Azerbaijani part of the Trans Anatolian Natural Gas Pipeline (TANAP) project until late November 2016. The WB is in negotiations simultaneously with Turkey’s Botas Petroleum Pipeline Corporation and Southern Gas Corridor CJSC for financing TANAP.