Egypt's Planning Minister , IsDB President Discuss Future Cooperation

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development and Egypt's Governor to the Islamic Development Bank (IsDB) Group, met with Dr. Mohammed bin Suleiman Al Jasser, President of the IsDB Group, on the sidelines of his visit to Egypt to attend the annual joint meetings of Arab financial institutions.

At the start of the meeting, Dr. Hala El-Said welcomed Dr. Mohammed bin Suleiman Al Jasser, President of the IsDB Group, to his second home, Egypt, for the annual joint meetings of the Arab financial institutions hosted by Egypt this year.

Dr. El-Said emphasized the importance of the strategic partnership between the Arab Republic of Egypt and the member institutions of the IsDB Group, highlighting the diverse services provided by the Group, including the International Islamic Trade Finance Corporation (ITFC). She noted the signing of ITFC’s annual work program with Egypt for 2024 in February 2024, which offers financing solutions amounting to USD 1.5 billion to support Egypt's efforts in providing basic food commodities and petroleum products for citizens. Additionally, she mentioned the launch of the second phase of the Women in International Trade Project in Egypt, funded under the second phase of the Aid for Trade Initiative for Arab States (AfTIAS 2) managed by the ITFC. The first meeting of the project's steering committee was held on May 21, 2024, in preparation for the launch of the project activities.

Dr. Hala El-Said also pointed to the existing and proposed areas of cooperation with the Islamic Corporation for the Development of the Private Sector (ICD), expressing a desire to enhance cooperation with Egypt's Sovereign Fund, the state’s investment arm, in new and renewable energy projects that the institution has shown interest in. This aligns with the National Structural Reforms Program, the State Ownership Policy Document, and other national plans and strategies aimed at encouraging the Egyptian private sector. She stressed the importance of developing an integrated strategy to clarify mechanisms for supporting the activities of the Egyptian private sector through various financing services, serving as a roadmap for cooperation between the two sides in this field.

For his part, Dr. Mohammed Al Jasser expressed the IsDB's pride in this partnership and strategic relationship with Egypt, one of the founding countries of the IsDB Group, and reaffirmed the Bank’s readiness to accompany Egypt on its developmental journey.