Towards a New Cooperation Strategy with the Islamic Development Bank
Towards a New Cooperation Strategy with the Islamic Development Bank
Source :
12-Aug-2016
Dr. Nasr: "The strategy gives top priority to Sinai development and social housing … Discussions are underway to finance greenhouses within the 1.5 million feddan project, besides preparations for establishing a regional office for the Islamic Development Bank (IDB) in Cairo".
The Minister of International Cooperation Dr. Sahar Nasr received Director of Country Programs and Advisor to the Vice-President of the Islamic Development Bank (IDB) Mr. Mohamed El-Saaty and his accompanying delegation, where officials discussed priorities and areas of future bilateral cooperation.
At the beginning of the meeting, the Minister expressed her appreciation of the delegations and IDB for their continuous efforts in supporting development in Egypt.
The Minister commended strong cooperation relations between Egypt and IDB, given that the latter contributed to financing several important projects in Egypt with funds worth USD 2.3 billion, besides the International Islamic Trade Finance Corporation's (ITFC) contribution to financing the purchase of oil products worth USD 3 billion.
During the meeting, both sides discussed preparations underway for designing a new cooperation strategy, especially in light of the significant improvement of the cooperation portfolio with the Bank. Within this framework, the Minister noted the importance of developing the strategy after the parliament's approval of the Egyptian government's program.
The strategy should give top priority to Sinai Peninsula development programs in line with the government's keenness on such programs, since they would improve economic and social conditions of the people of Sinai, emphasized the Minister. In this regard, the delegation expressed IDB's keenness to contribute to Sinai Peninsula development. Officials also noted that the strategy should include projects with social dimension such as the social housing project.
The Minister highlighted President el-Sisi's directives to focus on agriculture for being the key to boost national economy and achieve agricultural renaissance in Egypt, thereby enabling it to accommodate the rapid population growth and manage the growing food needs. She also called on the Bank to contribute to financing the greenhouses projects within the 1.5 million feddan project, which would, in turn, protect the environment and improve citizens' lives.
Further, Dr. Nasr discussed final preparations for establishing an IDB Cairo regional office, emphasizing the political leadership's keenness on establishing such office, which would broaden the Bank's operations in Egypt. Within this framework, Mr. El-Saaty emphasized his keenness on establishing the office, noting that it would further enhance relations with Egypt, which is considered one of the largest shareholders in IDB's capital.
At the end of the meeting, the Minister asserted MOIC's support of enhancing future cooperation frameworks between Egypt and IDB.