Planning Minister, IsDB Regional Hub Manager discuss mechanisms for strengthening cooperation ties

Minister of Planning and Economic Development, Dr. Hala El-Said who is also acting as Egypt's governor at the Islamic Development Bank Group (IsDB) met recently with May Ali Babiker, Manager, Regional Hub in Cairo, Islamic Development Bank, at the Ministry of Planning headquarters, intending to discuss ways and mechanisms to strengthen cooperation between Egypt and the Bank Group.


At the beginning of the meeting, Dr. Hala El-Said expressed her pride in the distinguished development partnership with the IsDb over many decades, which has so far resulted in the financing of 338 projects with total appropriations of $ 12.7 billion, of which 287 projects have been completed with total amounts of $ 9, 7 billion, while 51 projects worth $ 3 billion are being implemented in the fields of industry and mining, energy, finance, health, education, and other miscellaneous fields.
"Egypt ranks third among the top ten countries that benefit from the credits of the Islamic Bank Group," El-Said said.
El-Said stressed the importance of the strategic partnership between Egypt and the Bank Group, especially in light of the developments and repercussions of the outbreak of the new Coronavirus.

She referred to the signing of the work program of the International Islamic Trade Finance Corporation in favor of Egypt for the year 2021, which is an extension of the fifth framework agreement that was concluded with the Egyptian government in 2018.
 El-Said highlighted that the aforementioned work program is considered a continuation of the Foundation's operations and the portfolio of cooperation between the two sides, which amounted to $ 12.5 billion.
El-Said referred to the visit of the CEO of the International Islamic Trade Finance Corporation (ITFC) to Egypt, during the period from June 6 to 10, and the celebration of the launch of the activities of the Women in Global Trade Program in Egypt, Egypt She Trades, within the framework of the Aid for Trade Initiative (AFTIAS) program and the contribution of Egypt is in the second phase of it.This was followed, during the following week, by holding the closing ceremony of the first training program for Egyptian exporters in Cairo Governorate, within the framework of the Arab-African Trade Bridges Program, in cooperation with the Egyptian Export Development Authority (EDA).
El-Said discussed the cooperation between Egypt and the Islamic Corporation for the Insurance of Investment and Export Credit, the insurance arm of the Islamic Development Bank Group, where the Corporation's operations in Egypt amounted to $6.6 billion, making Egypt among the top ten countries that benefit from the Corporation's services.
El-Said referred to the visit of Mr. Ayman El-Sigini, CEO of the Islamic Corporation for the Development of the Private Sector, next week, where, on the sidelines of the visit, they will discuss the possibilities of expanding cooperation with the Corporation, especially in the field of developing the role of the private sector and partnership opportunities with The Sovereign Fund of Egypt (TSFE)

El-Said highlighted the mid-term review of the partnership strategy between Egypt and the Bank (2019-2021), which was signed on October 4, 2018, in coordination with the concerned authorities.

 El-Said praised IsD's role in providing scholarships to Egyptian students, which culminated in the winning of 14 Egyptian students in the competitive scholarships offered by the bank within the framework of the scholarship program for undergraduate studies, the scholarship program for masters, the doctoral program, and post-doctoral research in various disciplines. At the fore are the sciences of medicine, energy, communications, information technology, law, creativity, and infrastructure development.
El-Said also commended the Bank's role in supporting Egypt's efforts to host the headquarters of the Organization of Women's Development of the Organization of Islamic Cooperation, launch its activities and activate its role through the Bank's approval of financing a technical support grant for the organization for $150,000.
For her part, May Ali Babiker, Manager, Regional Hub in Cairo, Islamic Development Bank, stressed her happiness to assume the office’s duties in Egypt, and before that she was responsible for the Women and Youth Development Division at the Bank Group, noting the Bank’s role in developing and empowering women.
Babiker noted the possibility of the Bank’s cooperation With the Ministry of Planning and the National Council for Women (NCW) to discuss mechanisms to support and empower women during the coming period.

Babiker praised the expertise and competencies that Egypt enjoys, stressing the Bank Group's keenness to enhance aspects of cooperation and implement new projects in Egypt in many areas that serve development goals.