Egypt, IsDB probe boosting cooperation

CAIRO - 23 January 2020: The ministers of international cooperation and petroleum, Rania el Mashaat and Tarek el Molla, Tuesday discussed with President of Islamic Development Bank (IsDB) Group Bandar Hajjar prospects of boosting cooperation.

The cooperation between Egypt and the bank, which falls within the framework of a three-billion-dollar strategics partnership deal effective till 2021, aims to promote Egypt's economic growth, create job opportunities, support infrastructure projects and fund the private sector.

During a meeting with Hajjar on the sidelines of Davos forum, minister el Mashaat asserted Egypt's keenness on enhancing cooperation with its partners of international funding institutions, including the IsDB, in empowering the youth and women, providing funding for the private sector, along with supporting the entrepreneurship and innovation.

Meanwhile, Mulla expressed eagerness to continue fruitful cooperation between Egypt and the IsDB, especially with regard to Islamic international institutions that provide trade financing .

IsDB president Hajjar, for his part, asserted the keenness of his bank on backing Egypt's efforts towards achieving economic growth, pointing out to Egypt's pioneering status at the bank in its capacity as a founding member.

Egypt is one of the top five countries that benefit form the programs of the bank, Hajjar said, hailing economic and legislative progress realized by the country.

The meeting tackled the potentials of supporting government's efforts towards upholding partnership between the private and public sectors in light of Egypt's portfolio at the IsdB that is estimated at dollars 12.8 billion.