Egyptian Minister of International Cooperation receives the IsDB President

Cairo - February 04 2024, The Egyptian Minister of International Cooperation, HE Dr. Rania EL Mashat, warmly welcomed HE Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, during their meeting at the Ministry of International Cooperation in the New Administrative Capital.

Dr. Al Jasser acknowledged the growing partnership between the Bank and the Arab Republic of Egypt. He emphasized the Bank Group’s commitment to participating in the financing of key projects for the Egyptian government. He also highlighted the importance of fostering collaboration between Egypt and African nations under the Bank’s Reverse Linkage mechanism to exchange knowledge and expertise and promote cooperation among countries in the Global South.

For her part, Dr. EL Mashat expressed the ministry’s keen interest in intensifying cooperation programs with the IsDB Group. She indicated that this aligns with Egypt’s ambitious development plan aimed at realizing sustainable development in harmony with the United Nations’ 2030 Goals. Dr. EL Mashat underscored Egypt’s substantial benefits as one of the largest recipients of the Islamic Development Bank Group’s finance.

The minister provided insights into the significant impact of the Bank’s contributions, citing 382 projects across diverse sectors such as electricity, energy, agriculture, irrigation, education, health, industry, mining, information, and communications. The total financing for these projects reached around USD 21 billion, with 332 projects completed and 50 projects in progress.

Furthermore, Dr. Al-Mashat outlined several areas of collaboration, highlighting transportation projects as a key focus. She specifically praised the Bank’s role in supporting the private sector through the “Hafiz” platform. She also expressed gratitude for the Bank’s pivotal role in supporting Egyptian projects, thus reducing the financing gap of these projects. She stressed the importance of collaboration in implementing environmentally impactful projects to combat climate change.