Islamic Development Bank, Egypt sign $3 bln country partnership

The bank signs deal to open Egypt regional office

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The Jeddah-based Islamic Development Bank (IsDB) and Egypt have signed on Thursday a $3 billion country partnership framework covering the period from 2019 to 2021.

Another agreement has been signed between the two parties to establish the bank’s regional office in Cairo.

Egyptian Minister of Investment and International Cooperation Sahar Nasr and IDB president Bandar Hajjar. The signing ceremony took place in Cairo in the presence of Egyptian Prime Minister Moustafa Madbouli and Minister of Planning Hala al-Saeed.

The new CPF is structured around four key focus pillars. The first pillar aims to strengthen competitiveness and productivity by investing in safe, clean, and sustainable energy projects.

The second pillar involves improving the sustainability of infrastructure and increasing the productivity of the Egyptian farmers by supporting rural development schemes aimed at reducing poverty in rural areas. The third pillar is related to trade finance and investment promotion schemes, along with helping find financing for SMEs, developing Public-Private Partnerships (PPPs), and promoting a more conductive environment for private sector investment.

The fourth pillar focuses on capacity building in Egypt and stimulating knowledge sharing among member countries by helping Egypt benefit from other countries’ experiences in fields of Islamic banking, Islamic financing, and SME development.