It includes four Arab countries in its

zhouyueyue · 30-04-2019 07:20:19

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by Marwa Yahya

CAIRO, Oct. 3 (Xinhua) -- A recent decision of the European Bank for Reconstruction and Development (EBRD) to grant Egypt the status of "country of operations" is a recognition that the North African country has achieved good steps towards political and economic transition, according to economic experts.

The EBRD board of directors has decided unanimously to turn Egypt into a country of operations with the abstention of only one country's vote, Turkey Jared Cook Raiders Jersey , on Wednesday.

"The bank decision is a certification of successful Egypt's economic and political transition," said Ambassador Gamal Bayoumy, Secretary General of the Egyptian European Association Agreement at the Ministry of International Cooperation.

The decision mirrors improvement in Egypt's reputation and image especially regarding anti-corruption laws, economic reforms and the political situation as the country will witness soon the first parliamentary elections since the June 30 uprising Derek Carr Raiders Jersey , which toppled Islamist rule, Bayoumy told Xinhua.

The presidency in a statement said the EBRD approval of turning Egypt into a country of operations is an international recognition of Egypt's sound political and economic transition, given that the founding agreement of the EBRD emphasizes that countries, where the EBRD operates Howie Long Youth Jersey , must commit to the principles of democracy, political pluralism and a market-led economy.

The presidency looks forward to the final endorsement of the EBRD board of governors to turn Egypt into a country of operation at the soonest time.

The approval of the bank board of governors is a "protocol decision" that will be reached anyway especially with the unanimous decision of the board of directors, Fakhry al-Fiqqy, former assistant for the IMF executive manager Bo Jackson Youth Jersey , said.

The approval will improve the level of cooperation between the Egyptian government and the EBRD within a permanent and stable institutional framework, especially after the bank's office opened in Cairo last November.

"It is very positive step for Egypt," al-Fiqqy told Xinhua, noting the bank's approval reflects assurance on Egypt's capabilities to fulfill its obligations and reforms.

The EBRD has been founded in 1991 to help build a new Marshawn Lynch Youth Jersey , post-Cold War era in Central and Eastern Europe.

It includes four Arab countries in its membership: Egypt, Tunisia, Morocco and Jordan.

The bank is "a small model of the Word Bank," whose membership was only limited to the European countries in its beginning Karl Joseph Youth Jersey , then it opened the door for other countries all over the world for deeper integration into the global economy, Bayoumy added.

Egypt is a founding member of the bank with nearly 25 million U.S. dollars, which is pittance, but the membership granted the Egyptian government and companies the right to take part in the international bids in the bank's other member states Eddie Vanderdoes Youth Jersey , Bayoumy, who is also the secretary general for t. Cheap Air Jordan Retro Cheap Air Jordan Retro Cheap Air Jordan Retro Air Jordan Retro For Sale Air Jordan Retro For Sale Air Jordan Retro For Sale Nike Jordan Shoes For Sale Cheap Jordan Retro Cheap Air Jordan Cheap Soccer Jerseys