Investment Minister signs MoU to finance infrastructure

CAIRO – 18 May 2017: Minister of Investment and International Cooperation Sahar Nasr signed a Memorandum of Understanding (MoU) with Khaled Aboudi, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), to finance infrastructure projects, according to a Thursday statement by Investment Ministry.

The MoU was signed during the 42nd Board of Governors of the Islamic Development Bank Group (IDB) meeting in Saudi Arabia.

The agreement comes in the framework of the government's efforts to encourage investment and support the private sector in Egypt, said Nasr, adding that the ministry seeks to strengthen the public-private partnership in financing mega infrastructure projects.

This financing program aims at easing the pressures on the state budget and accelerating the implementation of infrastructure projects, such as schools, hospitals, health care centers and housing projects and sports facilities, the minister stated.

Moreover, Nasr signed another financing agreement of $10 million with Bander Hajar, head of the IDB, to finance a health care project to combat bird flu in Egypt. It comes in the framework of the government's efforts to support the health sector and improve the quality of health services.

Nasr asserted that this project aims to support the Egyptian government's efforts to control the spread of the bird flu in Egypt, pointing out that controlling the virus in poultry is the main way to reduce human infection.

The Minister also witnessed the signing of an MoU between the ICD and the COMESA's Regional Investment Agency to promote investment in the region.