World Bank rejects non-profit’s criticism of its energy program in Egypt

World Bank rejects non-profit watchdog’s criticism of its energy program in Egypt: The World Bank Group is rejecting concerns raised by non-profit watchdog Bank Information Centre (BIC) over the impact of its development programs in Egypt on greenhouse gas emissions and the transition towards cleaner energy. The World Bank insists its engagement in Egypt “is focused on eliminating extreme poverty and boosting shared prosperity in a sustainable manner.” It says its engagement in Egypt is focused on moving toward cleaner energy and reducing the energy intensity of Egypt’s GDP, and has “a large program of renewable energy reform, including policy support, and technical assistance.” The bank’s development policy financing reform program “supports the use of economically priced gas, which is the cheapest way Egypt can meet demand for electricity and has potential to substantially reduce GHG emissions. It does not promote the use of coal.” The World Bank says that by addressing energy supply issues in Egypt, it has the potential to dramatically improve Egypt’s fiscal situation and reduce greenhouse gas emission. BIC says its mission is to advocate “for the protection of rights, participation, transparency, and public accountability in the governance and operations of the World Bank Group and regional development banks.”