CAIRO - 4 February 2024: The Islamic Development Bank Group (IsDB) is at the forefront of Egypt's strategic development partners, with a cooperation portfolio amounting to $20.72 billion, according to the Minister of Planning and Economic Development, Hala EL-Said.
The collaboration encompasses various development areas, including industry, mining, energy, finance, trade, agriculture, education, health, water and sanitation, real estate, information technology, communications, transportation, and urban development.
El-Said emphasized the distinguished strategic cooperation between Egypt and the Islamic Development Bank Group, characterizing it as a successful and enduring collaboration.
This came during a meeting between El-Said and the Chairman of the IsDB, Muhammad Sulaiman Al Jasser with the aim to explore avenues of mutual cooperation between Egypt and the Bank.
During the meeting, El Said discussed existing and proposed areas of cooperation between Egypt and the Islamic Development Bank Group. This includes collaboration with the Bank's Islamic Corporation for the Development of the Private Sector, and ways to enhance cooperation with Egypt's Sovereign Fund in new and renewable energy projects—an area of particular interest to the Bank, aligning with Egypt's National Structural Reform Program, state ownership document, and other national plans and strategies aimed at promoting the Egyptian private sector.
Al Jasser affirmed that the visit is part of strengthening the growing partnership between the Islamic Development Bank and the Arab Republic of Egypt. The meeting also involved the signing of several cooperation agreements to contribute to the implementation of crucial projects across various sectors.
He praised the constructive cooperation between the two sides, resulting in the approval of two projects in the previous year (2023). One of them is a project to enhance the contribution of small and micro-scale projects to food security, marking the first project approved for Egypt through the Bank's Food Security Response Program.
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