- Dr. Muhammad Al Jasser: “During the forum, 50 agreements are to be signed, and 20 events are to be organized. PSF will host 100 speakers, 55 exhibitors, and 1,500 participants.”
- Dr. Hala El-Said: “Egypt established the Egypt Sovereign Fund to attract the private sector, and is getting ready to hand over several sectors to the private sector.
Sharm El Sheikh, Egypt, 2 June 2022 - The Islamic Development Bank (IsDB) Group has announced the official launch of the Private Sector Forum (PSF) in cooperation with the Egyptian Ministry of Planning and Economic Development, on the sidelines of the Group’s 2022 Annual Meetings hosted by the Arab Republic of Egypt from 1 to 4 June 2022 at the International Convention Center in Sharm El-Sheikh.
The session was commenced by IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, and the Arab Republic of Egypt’s Minister of Planning and Economic Development, H.E. Dr. Hala El-Said.
In his keynote address, Dr. Al Jasser stated that the forum includes 20 events, hosting more than 100 speakers, 55 exhibitors, and 1,500 participants. He added that the event will witness the signing of more than 50 agreements, as well as a work session on the Suez Canal Economic Zone, a giant infrastructure project that has strengthened Egypt's trade position in the world. The IsDB Group Chairman also explained that PSF events also feature a session devoted to presenting partnership projects in Egypt, Jordan, Bangladesh, and Pakistan. Dr. Al Jasser further elaborated that cooperation between the public and private sectors is an economic pillar in the IsDB member countries and is extremely crucial.
“The IsDB Group pays great attention to supporting joint cooperation between member countries, especially the private sector,” he said while noting that IsDB Group’s private sector development arm, the Islamic Corporation for the Development of the Private Sector (ICD), has financed about 505 projects worth US$7.1 billion in various sectors.
Furthermore, Dr. Al Jasser referred to the achievements of IsDB Group’s insurance arm, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) which since its inception in 1994 has provided the required insurance coverage for nearly US$88 billion worth of businesses and investments including exports and imports in 48 member countries. “The International Islamic Trade Finance Corporation (ITFC), which is IsDB Group’s international trade arm, has so far provided US$61 billion of financing for energy imports and US$707 million of funding for small and medium enterprises (SMEs) and the private sector in 2021.
Elsewhere in his remarks, Dr. Al Jasser stressed that the IsDB Group is looking forward to the issuance of recommendations that live up to the expectations of all concerned parties. The Group will be keeping an eye on the results of the forum to contribute to every event and implement all the recommendations to enhance trade and exchange investments, with the aim of achieving development and establishing partnerships among member states.
Her Excellency Dr. Hala El-Said, meanwhile, expressed happiness with Egypt’s hosting the IsDB Group’s Annual Meetings for the first time after 30 years. “The world witnessed the COVID-19 crisis and before a full recovery, it is already dealing with the challenges of the current geopolitical crisis that has affected all countries of the world, including IsDB Group member countries,” the Minister added. She stressed the importance of supporting the private sector as a key partner in development.
Minister El-Said further elaborated that the Egyptian government started economic reform measures in 2016 based on three trends namely financial, monetary, and the creation of relevant infrastructure to attract the private sector. She pointed out that infrastructure investments over the past few years aimed to improve the quality of life for Egyptians and attract local and foreign private sector investors noting that the reform process is ongoing and gets constantly developed depending on each stage.
According to Dr. Hala El-Said, Egypt has established the Egypt Sovereign Fund for Investment and Development for the first time which mainly aims to attract more private sector participation and seize the opportunities that attract the private sector investors. She also stated that a few days ago, the state announced that it will be exiting several sectors and will offer them to the private sector.