Minister of Planning and Economic Development, Hala El-Said, announced that the Islamic Development Bank Group (IsDB) holds a prominent position among Egypt's strategic development partners, boasting a cooperation portfolio of $20.72 billion.
This extensive collaboration spans diverse sectors, including industry, mining, energy, finance, trade, agriculture, education, health, water and sanitation, real estate, information technology, communications, transportation, and urban development.
During a meeting with IsDB Chairman Muhammad Sulaiman Al Jasser, El-Said underscored the significance of the enduring and successful strategic cooperation between Egypt and the IsDB. The meeting aimed to explore avenues of mutual cooperation between the two entities.
Commending the continuous communication and coordination with the IsDB, El-Said highlighted the joint efforts that have led to the implementation of several projects across various sectors.
The discussions during the meeting covered existing and proposed areas of cooperation between Egypt and the IsDB. This includes collaboration with the Bank's Islamic Corporation for the Development of the Private Sector and strategies to enhance cooperation with Egypt's Sovereign Fund in new and renewable energy projects. These align with Egypt's National Structural Reform Program, state ownership document, and other national plans promoting the Egyptian private sector.
Al Jasser confirmed that the visit is part of strengthening the growing partnership between the Islamic Development Bank and the Arab Republic of Egypt. The meeting involved the signing of several cooperation agreements aimed at contributing to the implementation of crucial projects across various sectors.
He praised the constructive cooperation between the two sides, highlighting the approval of two projects in the previous year (2023). One of these projects focuses on enhancing 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.
