Egypt’s Planning Ministry sheds light on 2 years of cooperation with Islamic Development Bank

Egypt’s Planning Ministry sheds light on 2 years of cooperation with Islamic Development Bank

CAIRO - 6 January 2021: Dr. Hala El-Said, Minister of Planning and Economic Development, Governor of Egypt at the Islamic Development Bank Group announced the results of cooperation between Egypt and the Bank Group within two years (August 2018 - December 2020).

 

With $ 12.7 billion, Egypt ranks third among countries receiving funding from the Islamic Development Bank, the minister said.

 

On Egypt's relationship with the Islamic Development Bank Group, Dr. Hala El-Said said that Egypt is one of the founding countries of the Islamic Development Bank, explaining that Egypt joined the bank's membership in 1974 and has a permanent seat in the Board of Executive Directors.

 

She added that Egypt ranks seventh among the largest contributing countries and the owner of the largest number of shares in the bank, with 357,965 shares, or 7.07%, its capital subscription amounts to $ 5 billion.

 

El-Said pointed out that Egypt ranks third among the top ten countries most benefiting from the total appropriations of the Islamic Bank Group amounting to $ 12.7 billion, and the projects financed in Egypt are distributed according to the position on implementation as follows: 238