Islamic Development Bank says to open Egypt resident office this year

The Islamic Development Bank (IDB) is planning to inaugurate its representation office in Egypt within the current year, an official in the bank’s private sector arm announced Tuesday.

The bank is in the final stage of establishing its representation office in Egypt, Nazih Al-Nasser, director of asset management and advisory activities of Islamic Corporation for the Development of the Private Sector (ICD), a part of the IDB added.

The office will strengthen cooperation portfolio between the bank and Egypt.

Al-Nasser made his remarks in Cairo on Tuesday during a conference organised by the Egyptian Banking Institute, designated to focus on the role of the small and medium-sized enterprises (SMEs).

Founded in 1975, IDB’s present membership of the IDB consists of 56 countries.

IDB’s current portfolio in Egypt consists of 19 projects totalling $2.3 billion. Egypt is seventh biggest shareholder in the bank, with a 7.08 percent share.