Islamic Development Bank
Madbouli made the remarks during a speech at the annual meetings of the Islamic Development Bank (IsDB) Group in Sharm El-Sheikh.
This comes especially if the bank allocated in the future a funding for programs that aim at dealing with the challenges posed by the Russia-Ukraine crisis, Madbouli said in a meeting with IsDB President Muhammad Al Jasser on Thursday, a statement by the Cabinet said.
The three-day forum will review the opportunities and challenges facing the business sector such as export credit.
Egypt’s strategic development partnership with the Islamic development Bank (IsDB) exceeds $17 billion, including the implementation of about 367 projects in Egypt.
Minister of Planning and Economic Development Hala al-Said stated Monday that the International Islamic Trade Finance Corporation has funded Egypt with $13.8 billion until present.
The meetings are set to be held in the Red Sea resort city of Sharm el Sheikh.
According to the Ministry, the IsDB’s financing portfolio covers 344 projects across several sectors, including electricity, energy, agriculture, irrigation, education, health, industry, mining, information and communications.
El-Said stressed that Egypt is one of the founding countries of the Islamic Development Bank group.
With $ 12.7 billion, Egypt ranks third among countries receiving funding from the Islamic Development Bank, the minister of planning stated.
The funds were received in the period between August 2018 and December 2020, said Planning Minister Hala el Saeid in a statement Tuesday.
In a press statement, Saeed lauded measures taken by the bank to combat the novel coronavirus through providing urgent aid for member states and Muslim communities in non-member states.
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 meeting also tackled the cooperation mechanism between Egypt and the IsDb, together with Egypt’s readiness to lay out a common strategy, with the aim of easing the economic burdens caused by the novel coronavirus outbreak.
This came during the minister’s meeting with Minister of International Cooperation Rania Al-Mashat and President of the Islamic Development Bank Bandar Hajjar, via video conference.
Bloomberg added that this step will entail enhancing communication between stakeholders at the government, private sector and civil society levels to provide joint ownership.
The meeting aimed at promoting tripartite cooperation frameworks to serve development purposes in Africa and Egypt's interest in contributing to building African cadres' capabilities as well as the keenness on supporting South-South cooperation projects.
The Islamic Development Bank (IsIDB) has a portfolio of $21.6 billion in Egypt, including $10 billion with the ITFC.
A presidential decree was issued on Thursday cancelling a deal between the Egyptian government and the Islamic Development Bank.
President Abdel Fatah al-Sisi ratified on Sunday a loan agreement with the Islamic Development Bank to fund the project combating bird flu.
The first report recommends scrapping an agreement signed in 2013 between the government and the ISDB to purchase equipment for building Al Azhar Educational Hospital.
