Islamic Development Bank braces for new major cooperation strategy with Egypt

Big 5

Egypt and the Islamic Development Bank (IDB) are preparing for a new cooperation strategy given top priority to Sinai Peninsula development programmes.

The IDB’s total funding in Egypt currently stands at $2.3 billion in favour of vital projects in the country, Minister of International Cooperation Sahar Nasr said on Friday.

This comes in addition to the International Islamic Trade Finance Corporation’s (ITFC) contribution to financing the purchase of oil products worth $3 billion, the Egyptian minster said following her meeting with Mohamed El-Saaty, Director of Country Programmes and Advisor to the IDB Vice-President, and his accompanying delegation.

During the meeting, the officials discussed preparations underway for designing a new cooperation strategy, especially in light of the significant improvement of Egypt’s cooperation portfolio with the IDB.

The strategy should give top priority to Sinai Peninsula development projects, since they would improve economic and social conditions of the people of Sinai, said Minister Nasr.

The delegation expressed IDB’s keenness to contribute to Sinai Peninsula development. Officials also noted that the strategy should include projects with social dimension such as the social housing project.

The Egyptian minister highlighted President al-Sisi’s directives to focus on agriculture for being the key to boost national economy and achieve agricultural renaissance in Egypt, thereby enabling it to accommodate the rapid population growth and manage the growing food needs.

She also called on the IDB to contribute to financing the greenhouses projects within the 1.5 million feddan project, which would, in turn, protect the environment and improve citizens’ lives.

The officials also discussed final preparations for establishing an IDB Cairo regional office, which would broaden the bank’s operations in Egypt. Within this framework, El-Saaty emphasised the bank’s keenness on establishing the office, noting that it would further enhance relations with Egypt, which is considered one of the largest shareholders in IDB’s capital.