Planning and Economic Development Minister and Egypt’s Governor at the Islamic Development Bank Group (IsDB) Hala el Saeed said that Egypt’s distinguished development partnership with the bank has resulted in financing 338 projects with total allocations of $12.7 billion.
The minister made the remarks during her meetings with a number of the bank’s officials to discuss activating Egypt’s role at the bank’s affiliated bodies as well as mechanisms of promoting cooperation ties between Cairo and the IsDB group, the Planning Ministry said in a statement.
During Thursday’s meetings 8/7/2021, Saeed reviewed Egypt’s development experience as well as the implementation of the first phase of the national economic and social reform program and the structural, legislative and organizational reforms adopted by the State over the past few years.
She also highlighted the role of Egypt’s Sovereign Fund in supporting development and enhancing partnership with the private sector.
During her meeting with CEO of the International Islamic trade Finance Corporation (ITFC) Hani Salem Sonbol, Saeed said the ITFC has so far offered a total of about $12.5 billion to Egypt since its establishment in 2008 until May 2021.
The minister also held a meeting with CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Oussama Abdul Rahman Kaissi, during which she reviewed the corporation’s operations in Egypt which she said have hit $6.6 billion.
Th meeting also touched on the ICIEC’s future plan in Egypt.
During a meeting with Director of the IsDB Regional Hub in Cairo May Ali Babiker, Saeed said out of the 338 projects financed by the bank in Egypt, 287 projects have been finalized at a total cost of $9.7 billion and work is under way to implement 51 others at a sum of $3 billion.
Egypt is ranked the third among beneficiary countries of the corporation’s finance allocations, Saeed underlined.
Saeed also met with CEO of the Islamic Corporation for the Development of the Private Sector (ICD), Ayman Sejiny, highlighting that Egypt contributes to the ICD with a total of about $ 25 million and hailing the corporation’s leading role in supporting economic development in member states.
Source: State Information Service Egypt