Egypt, Islamic Development Bank boost cooperation in various sectors

Egypt, Islamic Development Bank boost cooperation in various sectors

Egypt’s Minister of International Cooperation, Rania A. Al-Mashat, met with Muhammad Sulaiman Al Jasser, President of the Islamic Development Bank Group (IsDB), at the Ministry of International Cooperation’s headquarters in New Administrative Capital.

Al-Mashat stated that the Ministry of International Cooperation is keen to increase joint cooperation programs with the bank in the coming period, in light of the ambitious development plan implemented by the Egyptian government to accelerate sustainable development in accordance with the SDGs.

The minister said that Egypt is one of the largest beneficiaries of the IsDB’s financing, as the bank contributes to 382 projects in various sectors, including electricity, energy, agriculture, irrigation, education, health, industry, mining, information and communications, with a total funding of about $21bn. Out of these projects, 332 have been completed and 50 are underway.

The minister mentioned a number of cooperation activities with the IsDB, such as transportation projects and others, explaining that the bank’s support for the private sector will be published through the Private Sector Portal: Hub for Advisory, Finance & Investment For Enterprises, which introduces various forms of support from partners to the private sector.

Al-Mashat highlighted the IsDB’s interest in financing some of the NWFE program projects, such as the two projects: