Cooperation bet. Egypt, Islamic Development Bank hits $12.8B

CAIRO – 6 July 2020: Cooperation between Egypt and the Islamic Development Bank Group recorded $12.8 billion through 338 projects, Minister of Trade and Industry Nevine Gamea said Monday.

This came during the private sector seminar of the Islamic Development Bank Group on the response of the Bank Group to the COVID-19-pandemic, through video conference technique.

The minister added that group’s projects are in the energy, industry, mining, agriculture, health and social services, trade, import of strategic goods and education sectors.

The minister said that the world is currently facing the repercussions of the emerging coronavirus crisis that affected all economic sectors, and the Egyptian economy, like other countries of the world, has been exposed to many negative economic repercussions as a result of this crisis.

She noted that the crisis has led to a noticeable disruption in international trade and the supply chain at the global level.

She pointed out that the Egyptian industrial sector, which is linked to supply chains and global trade, was greatly affected by this crisis, especially with regard to manufacturing industries.

She said that the crisis is a great opportunity for Egyptian manufacturers to settle input industries and production requirements, deepen local manufacturing, and replace imports.

Saeed pointed out that Egypt cooperates with the private sector institutions of the Islamic Development Bank Group, as the Group’s financing operations in Egypt amounted to about $9.6 billion.

She explained that the last of these operations is the funding approved by the Group with a value of $200 million for the General Authority for Supply Commodities to provide basic commodities in light of the corona virus crisis.

“Egypt is also cooperating with the bank in the framework of its accession to the Arab-African Bridges Trade Initiative, which aims to develop commercial partnerships between the Group’s member countries and the African region,” she added.

The minister further referred to the "Egyptian Cotton Project" program to raise the quality of Egyptian cotton in cooperation with the United Nations Industrial Development Organization, which will benefit a large number of Egyptian farmers.

Saeed indicated that the Islamic Corporation for the Development of the Private Sector is investing about $230 million in various sectors in Egypt, including the food industries and renewable energy, in addition to providing funding in a number of other sectors.

She pointed out that negotiations are underway with the Group to provide loans for MSMEs.