Egypt Participates in Islamic Development Bank Meeting

By Nawal Sayed

CAIRO, April 4 (SEE) – Egyptian Delegation took part in the 44th annual meetings of the Islamic Development Bank in the Moroccan City of Marrakesh, in the presence of representatives from 57 countries.

The delegation from the Ministry of Investment and International Cooperation was headed by Dr. Shehab Marzban, Senior Advisor to the Minister of Investment and International Cooperation.

On the sideline of the annual meetings of the Islamic Development Bank, the private sector forum was opened by Eng. Hani Salem Sonbol, CEO of the Islamic International Trade Finance Corporation, and member of the Islamic Development Bank Group.

[caption id="attachment_43779" align="aligncenter" width="848"] Egypt took part in the 44th annual meetings of the Islamic Development Bank, 2019[/caption]

Private Sector in Egypt

The forum was entitled "The private sector" and was attended by Dr. Benedict Orama, President of the African Bank Import and Export.

On his part, Marzaban presented the Egyptian efforts to strengthen the role of the private sector in Africa under the chairmanship of President Abdel Fattah El Sisi.

He pointed out the importance of taking more effective steps to support the African private sector to implement development plans and programs in various fields.

Furthermore, he explained that the Egyptian efforts also include the establishment of an investment risk guarantee fund in Africa to encourage Egyptian investors to channel their investments to Africa.

[caption id="attachment_43781" align="aligncenter" width="800"] Egypt took part in the 44th annual meetings of the Islamic Development Bank, 2019[/caption]

Investments in Africa

Sonbol emphasized the role of the Foundation in supporting regional integration in the African continent, with the recent establishment of Africa's African Free Trade Area, which has a population of 1.2 billion.

He also pointed out to the great opportunities in the African continent, stressing “the continent's ability to attract a lot of investments.”

The International Islamic Trade Finance Corporation was established to promote trade, which contributes to the overall goal of improving the social and economic conditions of peoples worldwide.

Since the establishment of the Foundation in 2008 and until the end of 2018, the Foundation has provided more than $45 billion in funding Trade of the OIC Member States of which 9.6 billion dollars to the member countries of Africa.

[caption id="attachment_43780" align="aligncenter" width="800"] Egypt took part in the 44th annual meetings of the Islamic Development Bank, 2019[/caption]

More Meetings

In the meantime, Marzaban held a meeting with Dr Osama Al Qaisi, CEO of the Islamic Corporation for Investment Insurance and Export Credit, member of the Islamic Development Bank Group, in the presence of Ms. Heba Jamal and Mr. Mahmoud El Sheikh, official of the Islamic Development Bank file at the Ministry of Investment.

The meeting discussed cooperation in the field of entrepreneurship and increasing the support of the institution to the private sector and the future plan for the expansion of the institution in its activity in Egypt.

Qaisi stressed that everyone is looking forward to investing in Egypt, noting that the Foundation is constantly seeking to contribute effectively to development in Egypt and to create an effective framework for the work.

The company's total operations in Egypt amounted to $ 5.17 billion, covering export operations for exporters and investors in Egypt.

The company has issued 150 insurance policies worth $ 1.84 billion for Egyptian exporters and banks to support exports.