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afrol News, 24 April - Two major banks have started their consultations with the Egyptian authorities "to prepare loans in support of the Egypt's economic recovery." The objective of the banks' mission is to identify with the Egyptian government the areas of its reform program to be supported by the envisaged Economic Recovery Loans. According to a news release by the Egypt office of the African Development Bank (ADB), the bank, together with the World Bank, currently are on a joint mission in Egypt, and have started their consultations with the Egyptian authorities. The team will remain in Egypt for about two weeks. This mission follows an earlier one that was undertaken during the first week of February 2002 at the request of the Egyptian Government, ADB informs. According to the banks, the possible areas of reform to be supported are of wide-ranging structural importance. They include placing a greater emphasis on promoting exports, including trade reform and related infrastructure, institutional and marketing improvements. Further possible structural reforms include "improving the business environment for investment in Egypt" and helping attract private capital to finance Egypt's growing infrastructure needs. Finally, the banks want to help Egypt to "ensure that the poor and the vulnerable segments of the population are protected against the down-turn of the economy." The joint bank team is also to meet with private sector representatives, academic and other major donors to ensure a comprehensive understanding of the key development issues, ADB informs. According to the ADB release, "to help support the work of the joint World Bank – African Development Bank team, a high level inter-ministerial coordinating team has been established by the government and is facilitating the team's work." Sources: Based on ADB
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