On the sidelines of her participation in the annual meetings of the Islamic Development Bank Group: Egypt’s Minister of Planning and Economic Development delivers her speech at the opening of the 46th annual meetings of (IsDB)

Dr. Hala El-Said, Minister of Planning and Economic Development, Governor of Egypt at the Islamic Development Bank (IsDB) delivered her speech at the opening of the forty-sixth annual meeting of the IsDB, held from September 1 to 4 in Tashkent, Republic of Uzbekistan.
During her speech, Dr. Hala El-Said referred to what the world is currently witnessing in terms of rapid and precise political, economic, and social changes that cast a shadow over the development needs and challenges in various countries of the world, particularly the member countries of the Bank Group.


El-Said stressed the need to acknowledge the difficulty the world is currently witnessing of an aggravating crisis, which is still ongoing, as a result of the outbreak of the Covid-19 virus and the emergence of new mutations of this virus.

El-Said added that the outbreak of the Corona pandemic resulted in developing countries suffering from a funding gap of one trillion dollars in public spending on measures to recover from the Covid-19 virus, compared to what is being spent in developed countries, as well as a shortage of funding that these countries need in 2020 to maintain them on track to achieve the 2030 Sustainable Development Goals of $1.7 trillion, which was reflected in a marked decrease in the Human Development Index in 2020 for the first time since it began to be measured in 1990.


El-Said added that the issue of financing and mobilizing the necessary resources for development is one of the most important determinants of the ability of countries to move forward in implementing sustainable development programs and projects, adding that this requires intensified work and effective partnerships between governments, the private sector, civil society, and regional and international financing institutions to provide for the growing financing needs.


El-Said praised the rapid move by the Islamic Development Bank Group to confront this crisis through a fruitful development partnership with a large number of international organizations and institutions, following up that the Bank has developed the Strategic Program for Preparedness and Response (with funding of $2.3 billion).

 This program aims to support the efforts of Member States to prevent the repercussions of the Coronavirus, whether related to preparedness and response to health emergencies or support and recovery of economic sectors.


El-Said called on the Islamic Development Bank Group, which is characterized by the diversity and integration of its development activities, to continue its efforts and continue to work through the participatory approach it adopts, which represents the optimal approach to cooperation with financial institutions that are members of the Arab Coordination Group, and other regional and international financing institutions.


El-Said stressed that the Egyptian state is working hard to achieve comprehensive and sustainable development through an ambitious national strategy represented in Egypt's Vision 2030, which is consistent with the three UN development dimensions. 

These dimensions are the economic dimension, the social dimension, and the environmental dimension following up that the state continues to complete the successful implementation of the national program for economic and social reform.


El-Said explained that the economic reform program included measures for structural reform of some sectors, foremost of which is the energy sector, diversifying the production structure by stimulating sectors that achieve high added value, create decent and productive job opportunities, and have a strong interconnected relationship with the rest of the sectors, including industry, agriculture, and communications.
El-Said added that the program also included taking many legislative and institutional reforms by issuing a package of laws and legislation, all of which aim to simplify the procedures for setting up projects and encourage the private sector to participate in the implementation of projects.

El-Said added that the Egyptian state is working to stimulate private sector investments and achieve sustainable growth by intensifying public investments in infrastructure projects and improving their quality by implementing some major national projects with economic and social impact.




El-Said pointed to the positive boom in the Egyptian economy that has been achieved by the serious economic reforms implemented by the Egyptian state in recent years and the expansion of social protection networks and programs, which has been praised by international institutions and has enhanced its resilience in the face of the Corona pandemic.

El-Said explained that before this crisis, the economic growth rate reached about 5.6 percent in the first half of the year 19/2020, the unemployment rate fell to less than 8%, and the average inflation rate fell to its lowest rate in about 15 years.


El-Said explained that the pandemic imposed on the countries of the whole world a speedy move to confront the pandemic and recover from its repercussions, as well as redouble efforts to continue to achieve the goals of sustainable development, stressing that in this context, the Egyptian state moved quickly by taking proactive policies.


El-Said explained that Egypt has arranged its priorities in light of the pandemic, focusing on investing in human capital and increasing allocations to the health and education sectors, and paying attention to sectors that are flexible and able to recover quickly, as well as promising sectors that represent a fundamental pillar to drive inclusive and sustainable growth.


El-Said stressed the Egyptian state’s determination to move forward to complete the march, explaining that what has been achieved came through the existence of an effective partnership between all parties from the government, the private sector, and civil society, as well as local, regional and international financing institutions, foremost of which is the Islamic Development Bank Group.


El-Said explained that Egypt is proud of the distinguished development partnership with the Bank Group over four and a half decades, which has so far resulted in financing 344 projects worth more than $13 billion, including 292 completed projects and 56 ongoing projects, worth $3 billion covering various fields. 
El-Said added that the two sides continue this fruitful cooperation and effective partnership, which was reinforced by the establishment of a regional headquarters for the Islamic Development Bank Group in Cairo, which gives a strong impetus to the Bank's activity, and supports the developmental role of the member institutions of the Bank Group, not only in Egypt but also in the Arab and African neighboring countries.