IDB rebuts Bloomberg’s Statement on Egypt Repayment Issues

Ahmad Mohamed Ali, president of the Islamic Development Bank Group, has emphatically denied allegations on Bloomberg’s website that the bank has demanded that Egypt pay its overdue debts before IDB will finance further projects.
The president of IDB stressed that Bloomberg’s allegations were not founded on reality since there is no issue of overdue debts with Egypt, which in fact has one of the best portfolios and records of repayment with the IDB. He underlined the fact that Egypt owes no payments.
The IDB president went on to refer to a statement that IDB issued at the Sharm El-Sheikh Conference in March on its strong support for Egypt’s economy. That statement had mentioned the six agreements for $3.875 billion that IDB signed with Egypt, reflecting the extremely good ties between Egypt, a founding member country, and the IDB Group.
The president further stated that Egypt is one of the major recipients of the group’s financing and is at the top of the list in terms of volume, which stands at $12.2 billion.
He also indicated that a partnership strategy between Egypt and IDB is ready for signature, which would boost the group’s involvement in key sectors of the Egyptian economy, particularly in infrastructure (specifically energy and transport) as well as other sectors like youth employment, job creation and utilizing Egypt’s expertise for the benefit of other member countries of the IDB Group, especially the least developed countries.
An agreement to open an IDB Group gateway office in Cairo aimed at greater cooperation with Egypt is also expected to be signed soon.
Source:Arab News

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