ICD invests $230M in various sectors in Egypt

CAIRO -14 April 2019: Investments of Islamic Corporation for the Development of the Private Sector (ICD) in Egypt, an affiliate of the Islamic Development Bank (IsDB), recorded $230 million in various sectors, CEO of ICD Ayman el Segeny said.

Segeny clarified that these investments included up to $75 million in the food industry and $75 million in the renewable energy in Benban Power Station.

This came during Segeny's meeting with Minister of Investment and International Cooperation Sahar Nasr on the fringe of Spring Meetings of the World Bank currently being held in Washington.

“In the financial sector, a leasing company was established in partnership with Arab Investment Bank and another company, and Egypt obtained a loan of $25 million for Banque Misr as part of a collective funding estimated at $350 million,” he added.

Moreover, Segeny noted that ICD participated in financing petroleum Services Company by $20 million.

Both sides discussed activating the memorandum of understanding (MoU) between the organization and Investment Ministry on the cooperation to develop ad finance infrastructure investment in the framework of the partnership between public and private sectors. That is in addition to supporting and expanding investors of the private sector in Egypt.

According to a statement of the Ministry of Investment, this will contribute to financing infrastructure projects, mega projects, education and renewable energy projects as well as investing in the Sugar Company during the coming period.

Nasr said that there are vast opportunities for investment in Egypt especially in the Suez Canal Development corridor, the New Administrative Capital and New Alamein.

She noted that the ministry is working on increasing the volume of foreign direct investment (FDI), configuring the right climate for the private sector to increase investments in Egypt, and support international institutions to invest in national and development projects.