Egypt's Al Mashat, ISDB Discuss Ways of Enhancing Joint Cooperation

On Thursday, the Egyptian Minister of International Cooperation, Dr. Rania A. Al-Mashat held a meeting with Mai Ali Babiker, Director of the Regional Office of the Islamic Development Bank Group (IsDB) to review the current status of projects and chart a new path ahead amid changing global contexts.

The meeting was attended by Murad Bin Ali Al-Shuwaikh, Director of Country Operations at Islamic Development Bank, and Bekzod Parmanov. Operations Team Leader (Water) at Islamic Development Bank.

The meeting reviewed the financing plan of the Islamic Development Bank and its future directions in light of the current global context, as well as a review of development projects that the Bank can contribute to financing.

The Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, expressed that the Islamic Development Bank is a key partner in Egypt’s development, and has contributed to various projects in several sectors that are in line with the government’s national agenda.

She also praised its role in revitalizing intra-trade among member states, and its fruitful participation at the Egypt- International Cooperation Forum, which was held last September, as well as in the Ministry’s multi-stakeholder platforms to enhance cooperation in various interconnected sectors.

The two sides also reviewed the current status of projects, particularly the electrical interconnection project between Egypt and Saudi Arabia, which will link the two largest electrical systems in the Arab world with a total capacity that exceeds 90,000 megawatts.

They also discussed pathways to strengthen development partnerships in the areas of economic and social development, particularly for the ‘Decent Life’ initiative, as well as prospects for cooperation with the Islamic Development Bank to implement the new 2023-2027 partnership strategy with the United Nations.

For her part, Mai Ali Babiker, Director of the Regional Office of the Islamic Development Bank Group, expressed the bank’s willingness to strengthen cooperation and achieve the development priorities of Egypt.

Notably, Egypt is one of the largest member countries of the Islamic Development Bank Group, with a portfolio that includes 344 projects in several sectors, including electricity, energy, agriculture, irrigation, education, health, industry, mining, information and communications, and total financing that amounts to 14 billion dollars.