The World Bank Group President Jim Yong Kim has praised Egypt’s success in investing in human capital, noting that it has aided the country in raising foreign investments by up to EGP 14 bn, from the private sector, in the field of new and renewable energy, Invest-Gate reports.

Kim’s remarks came during the opening session of the 2018 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, held in Indonesia’s Bali city, on October 12, according to Egypt’s State Information Service (SIS).

According to Kim, Egypt has been cutting energy subsidies to boost investments in human capital in a much comprehensive manner as Cairo succeeds to comprehensively transform with regard to developing health, education, and sanitation projects.

During the session, which was attended by Minister of Investment and International Cooperation Sahar Nasr and Minister of Finance Mohamed Maait, the official lauded Egypt’s economic and social reform program and reviewed “success stories” adopting economic reform programs such as Egypt, Peru, Poland, and Ethiopia, SIS stated.

Last March, Egypt received the third and final USD 1.15 bn loan from the World Bank as it concluded a series of three annual loans issued by the bank -“Fiscal Consolidation, Sustainable Energy, and Competitiveness Development Policy Financing Loan”- worth USD 3.15 bn, in efforts to aid the country’s economic reform program.