Islamic Development Bank to invest $3 bln in Egypt’s developmental flagships in 3yrs

The Egyptian minister of investment and international cooperation revealed that she has agreed with the Islamic Development Bank (IsDB) Group on a new strategic partnership, including establishing a new regional office in Egypt. The IsDB is set to pump $3 billion between 2018 and 2020, to support a number of developmental projects in Egypt.

Minister Sahar Nasr also called upon the bank to support innovative projects and young entrepreneurs, during her meeting with the bank’s president, Bandar Hajjar.

Hajjar stressed the commitment of the IsDB to support the investment environment in Egypt.

The two sides also agreed to invest in developmental projects in Sinai, in the fields of water desalination, as well as creating a $500 million find to support small and medium sized projects.