Int'l Coop Min. Discusses Cooperation with Arab Investment & Export Credit Guarantee Corporation

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat held a virtual meeting with Abdullah Ahmed Al Sabeeh, Director General of the Arab Investment and Export Credit Guarantee Corporation, within the framework of the periodic meetings that the Ministry holds with bilateral and multilateral development partners to advance joint economic relations and enhance common cooperation as part of the 2030’s vision.

Minister Al-Mashat expressed her appreciation to the Arab Investment and Export Credit Guarantee Corporation, for the joint cooperation across fields of trade and investment in Egypt, in a way that advances development, in addition to the role the corporation plays in pushing forward economic relations between member countries.

H.E. noted that the Ministry of International Cooperation is keen on opening the horizons of cooperation and coordination with all regional and international institutions, to support development efforts within the development boom that the country is witnessing, and under the directives of H.E. President Abdel Fattah El Sisi, to achieve and make the most out of the joint development cooperation with development partners.

Furthermore, the Minister reviewed the Ministry of International Cooperation’s 2021 Annual Report titled “Engaging For Impact Towards Our Common Future: International Partnerships for Sustainable Development”, that detailed the development financing secured from bilateral and multilateral development partners, and International Financial Institutions (IFIs), during 2021, and directed to various economic sectors across the economy; noting that the development financing directed to the public and private sectors last year amounted to $10.2 billion.

This includes $8.7 billion directed to the public sector and $1.56 billion directed to the private sector.

During the meeting, they further discussed the anticipated visit of the Director-General of The Arab Investment and Export Credit Guarantee Corporation, to Egypt, in order to push forward the joint cooperation and to outline the future roadmap in the field of Investment and Export Credit Guarantee.

For his part, Director-General of the Arab Investment and Export Credit Guarantee Corporation, Abdullah Ahmed Al Sabeeh, expressed the corporation’s keenness on advancing joint cooperation with Egypt, and to widen its horizons in a way that bolsters its role in Egypt to support the flow of Arab and foreign investments, and to support Arab exports in a way that advances economic growth.

It is worth noting that the Arab Investment and Export Credit Guarantee Corporation “Dhaman”, based in Kuwait, was established in 1974 as the first multilateral investment guarantee provider in the world, owned by the governments of Arab states, and 4 Arab financial institutions.

It works on promoting the flow of foreign direct investment (FDI) into Arab countries through providing political risk insurance to Arab & non-Arab investors and lenders; enhancing Arab exports through providing political and commercial risk insurance to Arab exporters; supporting Arab domestic trade through providing commercial risk insurance to B2B sales.

It also works on supporting economic growth in Arab countries through providing political & commercial risk insurance to non-Arab exporters and financial institutions involved in the sales of commodities, raw materials, equipment, and other developmentally sound goods and services to Arab importers.

“Dhaman” also carries out research and knowledge sharing activities, technical assistance to Arab FDI promotion agencies, and cooperation with Arab & International organizations involved in investment promotion.