IsDB to Launch Fresh Program to Support Egyptian Economy

Ahmed Mohamed Ali, the President of the Islamic Development Bank (IsDB), has revealed that his bank is planning to launch fresh program in order to support the Egyptian economy with the beginning of the new Islamic year.

Ali said the bank is committed to implement all the agreements and understandings which approved with Egypt, pointing out that the bank has no political agenda and it is only focusing on the economic data of the member states of the bank.

Ali added that the board of directors of the bank is always communicating with the Egyptian government so as to look into enhancing the Egyptian economy, adding that the bank has funded several projects in Egypt, including South Helwan plant for electricity , Assiut power plant project ,Burj Al Arab International Airport development project and others.

Ali added on the sidelines of the annual meetings of IMF and the World Bank which held in -Washington that the International Organization of Islamic finance and trade is one of the Islamic bank’s members.

He said the bank has participated in organizing a conference in London in the last of September to promote investments in Egypt, Tunisia and discuss the investment opportunities to encourage the businessmen in order to invest in these countries, asserting that the bank is intending to organize investment conferences.

He further has discussed the idea of Islamic Sukuk is an important resource for financing infrastructure projects, explaining that Sukuk is playing an important role for the economic development in Egypt, especially it has became a huge market.

He has asserted that the bank is ready to provide the technical support to Egypt regarding the issuance of Sukuk, explaining that Egypt is currently needing the stability and once it achieved, Egypt’s investments will be encouraged.