Islamic Development Bank working on 57 projects worth $3.8bn in Egypt

The Islamic Development Bank (IsDB) Group is currently working on implementing 57 projects worth $3.8 billion in Egypt, said Bandar Hajjar, IsDB President.

He stressed the keenness of the IsDB to provide necessary support to the Egyptian economy in light of the coronavirus pandemic.

Hajjar added that the bank long term partnership with Egypt has lead to providing financing to Egypt amounting to $ 12.8 billion;  $ 1.9 billion of these are for projects funded by the Islamic Development Bank, and $ 230 million directed to the  private sector through the Islamic Corporation for the Development of the Private Sector (ICD).

Additionally, IsDB expressed readiness to provide Egypt with $126 million, to back up Cairo’s efforts to fight the pandemic.