During her visit to the headquarters of the Islamic Development Bank in Jeddah: Minister of Planning and Economic Development, Governor of Egypt at IsDB meets the CEO of the Islamic Corporation for the Insurance of Investment and Export Credit

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development who is acting also as Governor of Egypt at IsDB met recently with Mr. Osama Al-Qaisi, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit, to discuss the position of issues of cooperation between the Arab Republic of Egypt and the Corporation.This came during her visit to the headquarters of the Islamic Development Bank in Jeddah, and the meeting was attended by Dr. Nada Masoud, Economic Advisor to the Minister of Planning, Ambassador Hazem Khairat, Director of the International Relations Department at the Ministry of Planning, and Mr. Kamal Nasr, supervisor of the Technical Office of the Minister of Planning.During the meeting, Dr. Hala El-Said emphasized the importance of the strategic partnership between the Republic of Egypt and the Corporation and the insurance arm of the Islamic Development Bank Group, praising the pioneering role played by the Corporation and the continuous and fruitful cooperation between the two parties, explaining that the Corporation's operations in Egypt amounted to $ 7.35 billion. The Corporation's operations include covering operations related to import and export, export credit service, and securing foreign investments. El-Said added that this makes Egypt among the first ten countries that benefit from the Foundation's services, thus enhancing its position as one of the main shareholders in the Foundation's capital, as it represents the second-largest shareholder after the Kingdom of Saudi Arabia, with a contribution rate of 4.5%.

El-Said also referred to Egypt's initial approval last August to increase the corporation's capital to expand the corporation's business volume in line with the growing needs of member states. El-Said confirmed Egypt's contribution to this increase by  4.5 million dinars, equivalent to about $ 6.5 million annually for 5 years, according to the distribution of current contributions.This is within the framework of Egypt's constant keenness to support the Foundation's activities and programs and to enhance aspects of fruitful development cooperation between the Foundation and all Egyptian authorities.El-Said clarified the importance of expanding the institution’s important role in supporting Egyptian exporters, and enhancing opportunities to promote the institution’s activity and services in Egypt, with the development of a permanent mechanism for the promotion process in a way that stimulates incoming foreign investments, and provides opportunities for Egyptian exports to enter foreign markets, especially African markets. This is in line with the Egyptian state's plan to boost trade with the countries of the African continent and double Egypt's exports to African countries by 2025. El-Said added that a committee was formed under the chairmanship of the Ministry of Planning and Economic Development, with the membership of ministers and representatives of the concerned authorities. Therefore, the proposed strategic plan for the development of Egyptian exports to the African continent can be considered as a road map for determining the means of support that the institution can provide in this field. El-Said explained that financial services, which include export credit, represent one of the most important axes for implementing the plan, and it is an area in which cooperation between the institution and Egyptian private sector institutions can be achieved.El-Said also stressed the importance of deepening cooperation with the Egyptian government in the field of insurance support for infrastructure projects and the provision of strategic goods, as well as developing the relationship with Egyptian banks in financing trade and export credit. El-Said explained that the institution can support more trade and investment in Egypt, in line with Egypt's Vision 2030 and the structural reforms program, within the framework of giving priority to strengthening strategic and promising sectors such as industry, agriculture, communications and technology, transportation and energy, and the banking sector.El-Said indicated the start of promoting the Corporation’s activity with the Egyptian private sector institutions, to push for cooperation with the Corporation, and within the framework of the discussions that took place on the sidelines of the forty-sixth meeting of the Bank’s Board of Governors, discussions were held on mechanisms to stimulate the Corporation’s role in strengthening support partnerships with the public and private sectors to achieve strategic goals for Egypt.


 El-Said added that these issues are expected to represent a pivotal element in the activities of the forty-seventh meeting of the Bank's Board of Governors to be held in Cairo.
El-Said explained that work is currently underway from both sides to finalize specific proposals for cooperation, as part of Egypt's keenness to launch a distinguished set of programs and cooperation projects with the Foundation to be announced during the forty-seventh annual meeting to be held next June, so that these projects receive distinguished media coverage and momentum.El-Said expressed her hope that this meeting had contributed to opening areas for an in-depth discussion on mechanisms for enhancing ways and opportunities for cooperation between the two sides. El-Said also emphasized the desire to expand the fields of cooperation and deepen the foundation's contribution to strategic projects in Egypt, because of that contribution of an effective role in supporting projects with a large potential development return. She affirmed Egypt's pride in sustaining the fruitful and distinguished cooperation and coordination with the Foundation in various fields to advance the successful path and the tangible developmental role of the Foundation.