Egypt negotiating financial support from Saudi Arabia’s ICD

Egypt is negotiating a financial assistance from Saudi Arabia’s Islamic Corporation for the Development of the Private Sector (ICD) to help boost exports, an official in the Egyptian Ministry told Amwal Al Ghad.

ICD is part of the Islamic Development Bank.

The Egyptian Ministry of Industry and Trade has sent a delegation to Saudi Arabia a week earlier to discuss the volume of upcoming funds and facilities that will be provided. The ministry also reviewed an action plan launched by the Egyptian Exports Development Authority, the official added.

The ministry has announced earlier Tuesday that it has finalised the 2017-2023 strategy for exports development.

Exports recorded $5.519 billion in the first quarter of 2017 compared to $4.788 billion at the same period last year to hit, attaining a 15.3 percent increase.