Cairo, March 02 (QNA) – Egyptian President Abdel Fattah El-Sisi warned on Monday of the consequences of escalating regional tensions on security and stability of the region and livelihoods of its peoples, as well as the economic impacts of the ongoing conflict, particularly on prices, especially energy, and on navigation in the Red Sea.

During his meeting in Cairo with President of World Bank Group, Ajay Banga, President El Sisi outlined Egypt’s efforts to contain regional tensions and reaffirmed his country’s consistent position of calling for resolution of regional crises through peaceful means, according to a statement from the Egyptian presidency.

He noted that Suez Canal Authority revenues had lost about 10 billion USD due to the war in Gaza over recent years.

For his part, the President of World Bank Group highlighted ongoing coordination between the two sides to implement several development projects across various sectors, including social protection, health, food security, education, and climate change mitigation. (QNA)