Egypt minister appointed World Bank Managing Director

Cairo, Sep 26 (IANS/RIA Novosti) Egyptian Investment Minister Mahmoud Mohieldin resigned from the government to become Managing Director of the World Bank, Egypt’s official news agency MENA reported.

Egyptian President Hosni Mubarak accepted the resignation Saturday.

Industry and Trade Minister Rashid Mohammed Rashid has been appointed as the acting investment minister. He will also retain his former position.

Mohieldin, who served as the investment minister for six years, will now oversee finance and private sector development, poverty reduction and economic management and human development at the World Bank.

–IANS/RIA Novosti