Islamic Development Bank opens first regional HQ in Egypt
The Islamic Development Bank Group (IsDB) has on Thursday launched its first regional headquarters in Cairo, Egypt.
The launch was announced during IsDB’s 2022 annual meetings taking place in Sharm El-Sheikh under the auspices of Egyptian President Abdel Fattah al-Sisi and in the presence of Ministers of Economy, Planning, and Finance of the Bank’s member countries, as well as several officials.
“Egypt takes pride in the fruitful cooperation and development partnership with the Bank Group, which has been spanning for nearly five decades, during which this strategic partnership resulted in a cooperation portfolio of more than $17 billion (as of the end of March 2022).” Planning Minister Hala al-Saeed said.
IsDB has contributed to the financing of 367 projects in various development sectors in Egypt, including industry, mining, energy, finance, agriculture, education, health, water and sanitation, real estate, ICT, transportation, and other various development areas, Minister al-Saeed added.
“The cooperation between Egypt and the Bank Group has been strengthened by the bank’s selection of a regional headquarters in Cairo, which already began its activities in early 2020 to enrich the outstanding, development role played by IsDB, and open up new horizons for cooperation between the two parties,” the Egyptian minister noted.
Muhammad Al Jasser, IsDB President, said the establishment of a regional headquarters in Egypt is part of its keenness to reinforce cooperation and coordination with development partners.
The IsDB aims “to establish strong partnerships with private sector and civil society institutions to mobilise the necessary resources that support development efforts in Egypt and the Arab countries that fall under the responsibility of this regional center, namely Sudan, Jordan, Lebanon, Syria, Iraq, and Palestine.”
“Egypt is one of the largest contributors to the IsDB’s capital. It is also one of the countries that benefit most from the Bank Group’s financing in various areas of development, especially Energy, SME financing, Health, Education, Trade, and private sector support.” Al Jasser concluded.
