President Sisi issues two decrees on IsDB, maritime transport

CAIRO - 23 May 2019: President Abdel Fatah al-Sisi issued on Thursday decrees no. 4/2019 and no.11/2019 endorsing the agreement signed with the Islamic Development Bank (IsDB) to establish a representative office in Egypt and the cooperation agreement inked with Tunisia in the maritime transport sector.

The Ministry of Planning, Follow-Up, and Administrative Monitoring had signed a cooperation agreement with IsDB that comes into force between 2019 and 2021.

In April 2018, the IsDB announced launching a $500 million fund to boost technological and scientific innovations as well as youth projects. The funds would also be invested in food security, education, water management, clean energy and manufacturing in developing nations.

Investments of Islamic Corporation for the Development of the Private Sector (ICD) in Egypt, an affiliate of the Islamic Development Bank (IsDB), recorded $230 million in various sectors, CEO of ICD Ayman el Segeny said in April. Segeny clarified that these investments included up to $75 million in the food industry and $75 million in renewable energy in Benban Power Station.

“In the financial sector, a leasing company was established in partnership with Arab Investment Bank and another company. Egypt obtained a loan of $25 million for Banque Misr as part of a collective funding estimated at $350 million,” he added. Moreover, Segeny noted that ICD participated in financing Petroleum Services Company by $20 million.

A memorandum of understanding (MoU) was also signed between ICD and Investment Ministry on cooperation to develop and finance infrastructure investment in the framework of the partnership between public and private sectors. That is in addition to supporting and expanding investors of the private sector in Egypt. The MoU has not been activated yet.

In January, a presidential decree cancelled an agreement with IsDB inked in 2013 and approved by the Parliament in 2018 to develop Azhar University Educational Hospital.

The agreement with Tunisia was inked in Cairo in 2017 to ensure better coordination on commercial maritime traffic and boost technical cooperation, training, experience and data exchange.