Nasr discusses development challenges at 42nd IDB gathering

CAIRO - 18 May 2017: Minister of Investment & International Cooperation Sahar Nasr discussed the development challenges in the Islamic countries at the 42nd Board of Governors of the Islamic Development Bank Group (IDB) meeting in Saudi Arabia, according to a Thursday statement by Investment Ministry.

“There are challenges that are stalling sustainable development in the Islamic countries including unemployment, poverty, poor infrastructure and living standards,” said Nasr during the IDB annual meeting.

She confirmed that Egypt has achieved several economic and social reforms alongside issuing new legislations, such as the New Investment Law in efforts to attract more investments.

Nasr anticipated the exchange of ideas, visions and resolutions in Thursday’s meeting that will result in collaborative efforts to fight poverty, provide job opportunities, allocate natural resources, and attract investments.

She also highlighted the importance of institutions and funds in financing Arab governments and developing Arab joint projects.

The Islamic Development Bank Group has been established in 1973 and includes the Islamic Development Bank, Islamic Research and Training Institute, Islamic Corporation for Insurance of Investments and Exports Credit, Islamic Corporation for the Development of the Private Sector, and the International Islamic Trade Finance Corporation. Approximately 56 countries are members of the group.