Egypt’s Planning Minister, IsDB Head Meet to Explore Collaboration Opportunities

H.E. Dr. Hala El Said, Minister of Planning and Economic Development and Egypt's Governor to the Islamic Development Bank Group (IsDB), convened with Dr. Mohammed bin Sulaiman Al Jasser, President of the Islamic Development Bank Group, to discuss avenues of collaboration between Egypt and the Bank Group. Present at the deliberation were Mai Babikar, Director of the Bank Group's Regional Office in Cairo, Dr. Nada Masoud, Executive Director for Egypt at the Islamic Development Bank, Kamal Nasr, Assistant Minister of Planning for Technical Office Affairs, and Ambassador Hazem Khairat, Minister's Advisor for International Cooperation.

At the onset of the meeting, Dr. Hala El Said commended the sustained communication and coordination with the Islamic Development Bank Group across all areas of cooperation between Egypt and the Bank Group. She highlighted the concerted efforts from both sides, which have resulted in the realization of several projects across diverse sectors.

The Minister of Planning and Economic Development emphasized the strategic cooperation relations between Egypt and the Islamic Development Bank Group, emblematic of a successful and enduring collaborative effort. She explained that the Bank Group stands as a premier strategic development partner for Egypt, with a cooperation portfolio amounting to 20.72 billion dollars. Cooperation spans various developmental sectors, including industry and mining, energy, finance, trade and agriculture, education, health, water and sanitation, real estate, information and communication technology, transportation, and urban development.

During the meeting, Dr. Hala El Said discussed existing and proposed areas of cooperation between Egypt and the Islamic Development Bank Group. This includes collaboration with the Islamic Corporation for the Development of the Private Sector, a subsidiary of the Bank, and avenues to enhance cooperation with Egypt's Sovereign Fund - the state's investment arm - in new and renewable energy projects. These efforts align with the tenets of the National Structural Reform Program, state royal initiatives, and other national plans and strategies aimed at strengthening the Egyptian private sector.

Dr. Al Jasser emphasized the importance of bolstering the partnership between the Islamic Development Bank and the Arab Republic of Egypt. The meeting also involved the signing of cooperation agreements aimed at contributing to the implementation of several pivotal projects across various sectors.

Dr. Al Jasser commended the constructive cooperation relations between the two sides, which resulted in the adoption of two projects in the past year 2023. Among these is the project aimed at augmenting the contribution of small and micro-projects to food security, marking the inaugural project adopted for Egypt through the Bank Group's Food Security Response Program.