Egypt’s Minister of Planning meets the CEO of the Islamic Corporation for the Development of the Private Sector (ICD)

Egypt’s Minister of Planning and Economic Development, Governor of Egypt at the Islamic Development Bank Group (IsDB), Dr. Hala El-Said met with Ayman El-Sigini, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), affiliated with the Islamic Development Bank Group, which is concerned with the development of the private sector in member states.

The meeting took place on the sidelines of El-Said’s participation in the 46th annual meeting of the Bank Group, which was held in Tashkent, Republic of Uzbekistan, in the presence of the Egyptian Minister of Finance, Dr. Mohamed Maait, to discuss cooperation opportunities.

During the meeting, El-Said discussed ways of cooperation in the field of Islamic sukuk(Islamic bond or “Sharia-compliant” bond), in light of Egypt's experience in this field, the accumulated experiences of the institution, and its successful experiences in member states in the field of issuing Islamic sukuk.


The two parties also discussed the importance of encouraging the role of the sector and the activities and programs of the Corporation to stimulate the private sector during the COVID-19 pandemic.Meanwhile, El-Said highlighted measures taken by Egypt to empower women economically in many initiatives, including the Haya Karima [Decent life] Presidential initiative.


Moreover, Egypt had succeeded in obtaining the approval of the Board of Governors of the Islamic Development Bank (IsDB) to organize the annual meetings of the bank’s governors next year.


During the meeting, the boards of governors and general assemblies of the members of the Islamic Bank Group discussed the development and institutional issues related to the member states, in the presence of 57 governors of the Islamic Development Bank, including the ministers of finance, economy, planning and international cooperation, governors and central banks.
It is worth noting that the Islamic Corporation for the Development of the Private Sector is a multilateral organization affiliated with the Islamic Development Bank, with an authorized capital of $4 billion, of which $2 billion includes the structure of the contributors to the Islamic Development Bank, 55 member states and five public financial institutions.

The Islamic Corporation for the Development of the Private Sector was established through the Board of Governors of the Islamic Development Bank during its 24 annual meetings, which was held in Jeddah in November 1999, and it is headquartered in Jeddah (Kingdom of Saudi Arabia.

The mission of the Islamic Corporation for the Development of the Private Sector (ICD) is to support the economic development of member countries by providing financial assistance to private sector projects following the principles of Islamic Sharia.


ICD also undertakes the task of mobilizing additional resources for projects and encouraging the development of Islamic banking. It also attracts financing participants to finance its projects and advises governments and private sector groups on policies to encourage the establishment, expansion, and modernization of private institutions.