World Bank to insure FDI, support wastewater infrastructure in Egypt

The $1 billion, which is mobilized by the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, will be supporting insurance capacity for the Middle East and North Africa in order to “retain and encourage” foreign direct investment in the region.

The agency will also reach out to investors, governments and lenders around the globe, making it clear that they are open for business in the region and to share its global experience of managing political risks.

“Restoring investors’ confidence is critical to the medium- to long-term economic and social development of the Middle East and North Africa,” said Izumi Kobayashi, MIGA executive vice president, in a statement. “FDI can boost growth and help create much-needed jobs — a particularly acute challenge for the region,” he added.

Moreover, the World Bank approved on Friday the ISSIP 2 loan in order to tackle the lack of sewage and sanitation systems in Egypt’s rural provinces.

The ISSIP 2 initiative will be taking place in four governorates, two in the Delta region and two in Upper Egypt.

“We are particularly pleased to continue supporting improved access to sustainable rural sanitation services in Egypt, given its strong linkages to health and environment,” David Craig, World Bank country director for Egypt, Yemen and Dijibouti, said in a statement.

The project will eventually provide 1.2 million citizens in the governorates of Menoufia, Assiut, Sohag and Sharqiya with better access to improved sewerage and sanitation systems.