Egypt’s PM urges IsDB to adopt cooperation formula among member states on food, energy amid Ukraine crisis

CAIRO – 2 June 2022: Egypt’s Prime Minister Mostafa Madbouli has urged the Islamic Development Bank (IsDB) to adopt a cooperation formula among member states on the most pressing issues, on top of which is food and energy.

This comes especially if the bank allocated in the future a funding for programs that aim at dealing with the challenges posed by the Russia-Ukraine crisis, Madbouli said in a meeting with IsDB President Muhammad Al Jasser on Thursday, a statement by the Cabinet said.

The meeting came on the sidelines of the annual meeting of the IsDB held in the Egyptian Red Sea city of Sharm El-Sheikh with the attendance of Egyptian Planning Minister Hala El-Said.

Madbouli affirmed to Jasser Egypt's pride in the extended cooperation relations with the Islamic Development Bank, praising the development role played by the bank in the member countries.

The Egyptian premier added that the current conditions the world is going through impose more burdens on all international financial institutions in light of the growing repercussions of the global developments.

 

Madbouli urged the bank to work on achieving integration among member states in a way that contributes to achieving the aspirations of their peoples.

For his part, the IsDB president welcomed the proposals that Madbouli has put forward to enhance cooperation in the coming period in order to face global conditions and the current challenges.

Jasser stressed that the bank will intensify its consultations with member states to formulate specific proposals to develop cooperation in these areas.

Jasser affirmed that the bank appreciates the cooperative relations with Egypt and its leading role in all of the bank's activities and projects.

Egypt’s strategic development partnership with the Islamic development Bank (IsDB) exceeds $17 billion, including the implementation of about 367 projects in Egypt, El-Said said earlier today.

El-Said elaborated that 303 projects were completed until the end of March 2022, with a value exceeding $10 billion, in addition to about 64 projects under implementation, with an estimated value of $7 billion, in various development sectors.

This includes industry and mining, energy, finance, agriculture, education, health, water and sanitation, real estate, information and communication technology, transportation, and other various fields.