CAIRO - 29 April 2024: Minister of Planning and Economic Development, Hala El Said, announced that the Islamic Development Bank (IsDB) has significantly increased its investment portfolio in Egypt, reaching a staggering $22 billion. The planning minister shared this information during the 2024 Annual Meetings of IsDB, held in Riyadh, where she shed light on the bank's extensive involvement in various sectors.
With a diverse range of 395 projects, IsDB's investment portfolio in Egypt covers vital areas such as electricity, infrastructure, and transport. El Said emphasized the positive impact of these investments, stating that they have contributed significantly to the growth of the Egyptian economy. As a result, the country's exports have experienced a notable 20% increase, reaching $52 billion.
Recognizing the importance of international cooperation, El Said stressed the need for developing countries to receive greater foreign direct investment and support for projects, studies, and education. She highlighted the immense talent possessed by young people in these nations who require assistance. Despite representing 85% of the global population and producing 45% of global goods, developing countries can benefit everyone through strategic partnerships.
Furthermore, El Said proudly revealed Egypt's pioneering efforts in the financial realm. The country became the first nation to issue sustainable bonds in the Chinese market, showcasing its commitment to environmental investments. The minister also expressed the government's dedication to enacting financial laws that promote such investments and empower women.
El Said emphasized the government's primary objective of attracting private sector participation in vital projects while providing the necessary financial support. To achieve this, open and transparent communication channels have been established between the public and private sectors, facilitating dialogue and collaboration.
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