IsDB Group allocates $3B to support Egypt’s development projects

CAIRO – 5 April 2018: The Islamic Development Bank (IsDB) Group has allocated $3 billion over three years for its new cooperation strategy with Egypt (2018-2020), which will support a number of development projects in Egypt, a statement from the Ministry of Investment and International Cooperation said Thursday.

This came during a meeting between Minister of Investment and International Cooperation Sahar Nasr and President of the IsDB Group Bandar Hajjar on the sidelines of the annual 43rd meeting of the IsDB board of governors in Tunisia.

During the meeting, both sides discussed supporting a number of projects in Sinai, particularly a water desalination project.

They also mulled preparations to establish a regional office for the bank in Egypt, which will serve the neighboring countries of Jordan, Sudan, Lebanon, Iraq and Syria.

They further discussed cooperation in light of the $500 million innovation and technology fund, which was launched by the IsDB during the conference, to support youth projects in Egypt.

On Wednesday, the IsDB announced the launching of a $500 million fund to boost technological and scientific innovations.

Hajjar said in a statement that some of the money earmarked for the fund would be invested in food security, education, water management, clean energy and manufacturing in developing nations.

Nasr said that the bank’s new cooperation strategy with Egypt goes in line with the government’s priorities to meet the needs of the Egyptian people.

She further called upon the bank to invest in innovation and entrepreneurship projects in Egypt

Hajjar said that his bank is keen on supporting Egypt’s efforts in improving the investment climate.