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• Key Egypt reformer to leave cabinet for World Bank

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  Dr. Nilgün Birgören    Premium Member   Group moderator

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  Key Egypt reformer to leave cabinet for World Bank

  Egyptian Investment Minister Mahmoud Mohi Al Deen, a prominent economic liberaliser, will resign from the government to take up a senior post at the World Bank beginning next month.
  
  Speculation he would join the World Bank has already sparked media discussion about possible successors for his ministerial portfolio, seen as vital to an economic team that has pushed through controversial free market reforms since 2004.
  
  Al Deen was nominated to one of three managing director positions that report directly to World Bank President Robert Zoellick.
  
  The state-run http://www.egynews.net website said possible nominees to head the ministry included Zeid Bahaa Al Deen, a fellow supporter of liberalisation who works under Al Deen as chairman of Egypt's financial regulatory authority.
  
  His successor will have to work hard to court foreign investment from fellow emerging market countries, particularly those in East Asia and the Gulf since tens of billions of dollars of foreign direct investment had flowed into Egypt under Al Deen's watch.
  
  Al Deen would leave the cabinet on taking up the World Bank assignment on October 4 since the World Bank's board approved the appointment and Egypt replied with approval.
  
  Al Deen will oversee World Bank offices involved in finance and private sector development, sustainable development, poverty reduction and economic management, human development and the World Bank Institute, the bank said in a statement.
  
  Al Deen is one of three leading ministers who spearheaded liberal measures taken by the government of Prime Minister Ahmad Nazif.
  
  • 12 Sep 2010, 8:25 pm
  Dr. Nilgün Birgören wrote: > Egyptian Investment Minister Mahmoud Mohi Al Deen, a prominent > economic liberaliser, will resign from the government to take up a > senior post at the World Bank beginning next month. > > Speculation he would join the World Bank has already sparked media > discussion about possible successors for his ministerial portfolio, > seen as vital to an economic team that has pushed through > controversial free market reforms since 2004. > > Al Deen was nominated to one of three managing director positions > that report directly to World Bank President Robert Zoellick. > > The state-run www.egynews.net website said possible nominees to head > the ministry included Zeid Bahaa Al Deen, a fellow supporter of > liberalisation who works under Al Deen as chairman of Egypt's > financial regulatory authority. > > His successor will have to work hard to court foreign investment from > fellow emerging market countries, particularly those in East Asia and > the Gulf since tens of billions of dollars of foreign direct > investment had flowed into Egypt under Al Deen's watch. > > Al Deen would leave the cabinet on taking up the World Bank > assignment on October 4 since the World Bank's board approved the > appointment and Egypt replied with approval. > > Al Deen will oversee World Bank offices involved in finance and > private sector development, sustainable development, poverty > reduction and economic management, human development and the World > Bank Institute, the bank said in a statement. > > Al Deen is one of three leading ministers who spearheaded liberal > measures taken by the government of Prime Minister Ahmad Nazif.