Egypt will host the third meeting of the Governance Council of the Arab Africa Trade Bridges (AATP) Programme — an Islamic Development Bank (IsDB) Group effort — in December and will chair the council for a year afterwards, Minister of Planning and Economic Development Hala El-Said announced on Monday.
This announcement came on the sidelines of the 46th round of the IsDB Group’s annual meetings, which were held in Tashkent city in Uzbekistan from 1 to 4 September.
El-Said and Minister of Finance Mohamed Maait represented Egypt in the meetings, showcasing Egypt’s efforts to address the COVID-19 pandemic and the measures it has taken to contain its severe impacts, particularly on social and economic aspects.
In June, under the umbrella of the AATB Programme, the International Islamic Trade Finance Corporation — in cooperation with the Egyptian Export Development Authority and under the patronage of Minister of Trade Nevine Gamea — launched the first training programme for exporters titled ‘Entering African Markets’ in Cairo.
At the conclusion of her visit to Uzbekistan, El-Said declared that the IsDB Group’s development portfolio in Egypt — which exceeds $13 billion — covers 345 projects in several sectors, including infrastructure, new and renewable energy, supply commodities, agriculture, and human capital investment.
She also noted that 290 projects that were financed by the group have been finalised.
The small and medium-sized enterprises sector in Egypt has also been getting much support from the group through the IsDB’s trade and investment institutions, according to the minister.
El-Said also welcomed the inauguration of the IsDB Group’s office in Egypt, stating that Egypt is among the 11 IsDB Group’s member countries that have a branch of the group, which is a sign of the economic and political stability that Egypt enjoys.
In this regard, the minister said that the IsDB’s member countries have been hailing Egypt’s Presidential ‘Decent Life Initiative’ and the country’s ability to counter the pandemic.
During the meetings in Uzbekistan, Egypt managed to acquire the IsDB Group’s Board of Governor’s approval to host the 47th round of its annual meetings in 2022.
The 46th round of the group’s annual meetings focused on discussing development issues and institutional matters.
The meetings attracted more than 2,000 participants and offered an ideal platform for decision-makers to discuss challenges and explore member countries’ economic opportunities.