For 1st time in 30 years: Egypt to host annual meetings of IsDB on June 1-4

CAIRO – 18 May 2022: Egypt is hosting the annual meetings of the Islamic Development Bank Group (IsDB Group) in Sharm El Sheikh on June 1-4.

Prime Minister Mostafa Madbouli met Tuesday with Minister of Planning and Economic Development Hala al-Said, who is also Egypt's governor at the bank, and other officials to follow-up on the preparations for the event.

Minister Said clarified that Egypt will present visions on cooperation and raise common issues concerning member states at all levels, as indicated by a press statement.

Said added that several side events will be organized, including the Business Forum for the Private Sector and others related to the preparations for COP27, green economy, sustainable growth, climate change, and other pressing international issues.

The minister pointed out that the last time an IsDB annual meeting was held in her country was in 1991. She also highlighted that Egypt enjoys an extended relationship with the bank since its inception in 1974, and that the joint portfolio is worth $16 billion.

Egypt is also home to one of the 11 regional headquarters of the IsDB, which has 57 members. The bank had funded 362 projects in the country in the sectors of manufacturing, mining, energy, finance, agriculture, education, healthcare, water supply, wastewater, housing, telecommunications, information technology, and transport among others.

Further, Egypt holds 7.07 percent of the IsDB's shares, which makes it the seventh largest shareholder in the entity.

In a meeting with Minister Said, IsDB Chairman Muhammad Al Jasser underlined that the Bank's Board of Governors' approval to hold the meetings in Egypt is the outcome of the board's appreciation for the leading role of the Arab Republic of Egypt in supporting the IsDB Group, and its continuous efforts to support constructive partnerships at various levels.

Jasser also expressed his great confidence in Egypt's capabilities to make the 2022 IsDB Group Annual Meetings a success and make it a special event that would be ingrained in people's minds for years to come.