Cooperation bet. Egypt, Islamic Development Bank hits $12.8B – Egypttoday

Cooperation bet. Egypt, Islamic Development Bank hits $12.8B – Egypttoday

FILE - Islamic Development Bank





CAIRO - 6 July 2020: Cooperation between Egypt and the Islamic Development Bank Group recorded $12.8 billion through 338 projects, Minister of Trade and Industry Nevine Gamea said Monday.

This came during the private sector seminar of the Islamic Development Bank Group on the response of the Bank Group to the COVID-19-pandemic, through video conference technique.

The minister added that group's projects are in the energy, industry, mining, agriculture, health and social services, trade, import of strategic goods and education sectors.

The minister said that the world is currently facing the repercussions of the emerging coronavirus crisis that affected all economic sectors, and the Egyptian economy, like other countries of the world, has been exposed to many negative economic repercussions as a result of this crisis.

She noted that the crisis has led to a noticeable disruption in international trade and the supply chain at the global level.

She pointed out that the Egyptian industrial sector, which is linked to supply chains and global trade, was greatly affected by this crisis, especially with regard to manufacturing industries.

She said that the crisis is a great opportunity for Egyptian manufacturers to settle input industries