Egypt has obtained the Islamic Development Bank (IsDB) Group’s approval to host its annual meetings in 2022 for the first time in 30 years, Egypt’s Minister of Planning and Economic Development Hala El-Said announced.
The decision came during the 46th IsDB’s Board of Governors’ annual meetings, which concluded on Saturday, that were held in Uzbekistan.
Minister El-Said and Minister of Finance Mohamed Maait represented Egypt in the meetings.
El-Said noted that this approval reflects the IsDB’s positive outlook on Egypt’s position and the member countries’ trust in Egypt’s capabilities.
During the meetings, El-Said showcased Egypt’s developmental planning efforts and the entrepreneurship programmes that have been implemented in the recent period, stressing that achieving the global sustainable development goals is a common interest of both sides in light of Egypt’s 2030 Vision.
El-Said also discussed with the IsDB’s Board of Governors the possibility of cooperating with the Decent Life Initiative Foundation.
Moreover, El-Said reviewed the groups’ efforts to finance Egypt’s healthcare and education sectors amid the ongoing challenging conditions caused by the COVID-19 pandemic.
During the meetings, El-Said met with Osama Al-Qaisi, CEO of the Islamic Corporation for Investment Insurance and Export Credit and a member of the IsDB Group, to discuss cooperation between the institution and the Egyptian government.
The value of the institution’s operations in the Egyptian market amount to $6.6 billion in the field of export credit, according to the minister.
She added that the institution’s future plans in Egypt include expanding in the Egyptian market by providing insurance support for infrastructure projects, securing the country’s needs for high-quality capital goods, providing insurance support for Egypt’s government to secure its needs for strategic commodities, backing Egypt’s expansion in the African market, encouraging foreign direct investment inflows into Egypt, and improving relations with Egyptian banks in the field of trade finance.
Moreover, Minister Maait showcased Egypt’s efforts to address the COVID-19 pandemic and contain its severe impacts.
He also outlined Egypt’s positive economic performance amid the crisis, saying that Egypt’s President Abdel-Fattah El-Sisi is leading the largest developmental movement in Egypt’s history.
He added that Egypt has promising investment opportunities that can be tapped, affirming that Egypt persists in catalysing investors and supporting the private sector.
Over four days, the IsDB’s Board of Governors held its annual meetings that centred on discussing development issues and institutional matters among its member countries.
The meetings attracted more than 2,000 participants and decision makers to discuss challenges and explore the IsDB Group’s member countries’ development opportunities.
There were also seminars and flagship events that featured top-level panellists from governments, international and regional organisations, the private sector, academia, and civil society.