Egyptian Tourism Minister Hesham Zazou has met with Dr Ahmed Mohammed, Chairman of the Islamic Development Bank Group in Saudi Arabia, to discuss the fields that Egypt can utilize in order to encourage the foreign investments amid the presence of real warranties against the investment risks that implemented according to the Islamic rules.
The minister affirmed that he had many meetings with some representatives of the institutions, which are under the Islamic Development Bank, to look into the ways of getting finance for the tourism sector so that it can implement its ventures.
During his meeting with the Islamic Corporation for the Development of the Private Sector, Zazou discussed the opportunities of getting finance for the tourism sector in order to use the alternative energy and to construct plants for generating clean energy in the framework of the strategy adopts by the Ministry of Tourism towards rationing the use of energy and protecting the sustainable tourism development.
Zazou also pointed out to his meeting with the representatives of the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) during which he reviewed the advantages are being provided to the foreign investors over the insurance against the political risks.
The minister suggested organizing a workshop and inviting all the senior investors to elucidate the activities of the institutions that members of the Islamic Development Bank Group as well as to review the warranties that they can get. This effort is send a message to reassure the foreign investors to return to Egypt.
The Saudi market is considered as very crucial one to Egypt specifically in the field of tourism with investments estimated at EGP 4 billion.