WASHINGTON, February 10, 2012 (AFP)
World Bank chief Robert Zoellick said he expects “tensions” as Egypt requests aid from the international lender, which in turn would demand progress on governance and democracy.
“They’re reaching out to us, to try to see about financial support,” Zoellick said at a conference in the US city of Pittsburgh.
“But if we do provide initial financial support to the government in general, we will want … to make sure it’s transparent, that it relates to some of the changes that people were calling for or a broader social accountability. And there’ll be tensions with that.”
Zoellick spoke as the United States and Egypt’s military rulers were at loggerheads over Cairo’s plans to try the staff of US-funded democracy groups on accusations of failing to secure licenses and meddling in Egyptian politics.
The US government and the groups have denied any wrongdoing, but the dispute threatens relations between the two allies as Egypt negotiates a fragile political transition after the overthrow of president Hosni Mubarak in 2011.
“Egypt was growing relatively well prior to the revolution, or coup, depending on your point of view. And the problem was that it didn’t really spread to enough people, or it wasn’t deep enough, and frankly there was a concern about corruption,” said Zoellick, a former US Trade Representative.
“This offers an opportunity that I’d like to be optimistic about over time. By nature I’m an optimistic person, but I’m a realist, to recognize that it’s gonna have its twists and turns.”
Egypt has asked the World Bank for a $1.0 billion loan to help it rebuild its economy after the chaotic 2011 revolt, which has spooked investors and largely paralyzed the vital tourism sector.
Last May the Bank pledged $4.5 billion to Cairo over the next two years.
Zoellick said at the time that “fulfilling the promise of the Arab Spring will mean real reforms that deepen inclusion, promote participation and expand opportunity.”
