Planning Minister, CEO of ICD discuss 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 met recently with Mr. Ayman Sejiny, the CEO & General Manager of the Islamic Corporation for the Development of the Private Sector (ICD).
The meeting took place at the headquarters of the Ministry of Planning; (The Meeting) discussed ways to enhance cooperation between Egypt and the Corporation.


At the beginning of the meeting, Dr. Hala El-Said stressed the pride in Egypt's contribution to the Islamic Corporation for the Development of the Private Sector (ICD), which is worth about $ 25 million.


El-Said praised the leading role played by the institution in supporting economic development in member countries through direct financing operations, asset management, crowdfunding, the development of Islamic capital markets, and the provision of financial advisory services.


El-Said pointed to the implementation of the first phase of the national economic and social reform program, and the set of legislative and institutional reforms adopted by the state during the past few years, including amendments to the law regulating the participation of the private sector in infrastructure projects, services, and public utilities.


El-Said highlighted that the government formulated a permanent joint committee from the ministries of finance and planning to develop a plan for future projects that can be implemented under the partnership system.


The committee is also assigned to set criteria for examining and selecting projects that can be offered in partnership with the private sector.


El-Said indicated that the committee approved, during the last month, many proposed projects to be established in the participation system in the fields of dry ports, logistics centers, and transport, and the provision of educational services through the national project for the construction and operation of distinguished participation schools for languages.


El-Said stressed that the philosophy and direction of the Egyptian state are based on increasing public investments to prepare the infrastructure to be more stimulating to private investments and to attract local and foreign investors, in a way that contributes to achieving sustainable economic growth and creating job opportunities.

El-Said explained that the establishment of The Sovereign Fund of Egypt (TSFE) comes within the framework of the state's efforts to launch innovative methods of financing development and strengthening partnerships with the private sector.

 TSFE was established in 2018, to be a large economic entity capable, through a partnership with local and international companies and institutions, to create investment opportunities in promising sectors.

The TSFE has succeeded in attracting investors and partners from inside and outside, and signing agreements to enter into multiple partnerships.

Moreover, Dr. Hala El-Said highlighted the Foundation's efforts to finance the Scatec Solar Energy Company, which included the financing of six sub-projects for solar photovoltaic power plants, projects that are jointly financed by the Foundation, the Islamic Development Bank, the European Bank for Reconstruction and Development and the German Development Bank.

The Foundation’s financing contribution amounted to $25 million, as the main financing for the six projects, in addition to the Foundation’s contribution to financing Alpha Solar Company, with a financing contribution to the Foundation amounting to $28.5 million, for the first financing, in addition to the Foundation’s establishment, in 2015, of a company Inmaa for financial leasing, an Egyptian joint-stock company with a paid-up capital of EGP 40 million.


For his part, Mr. Ayman El Segeny, CEO & General Manager of the Islamic Corporation for the Development of the Private Sector (ICD) stressed that the Corporation attaches great importance to financing public-private partnership projects and its keenness to help Egypt in attracting investments.