Cairo – Mubasher: Islamic Development Bank (IDB) is planning to fund Egypt with $3 billion over three years from 2018 to 2020, a part of a new cooperation strategy, chairman Bandar Al-Hajjar said.
This came as part of the Egyptian investment minister Sahar Nasr’s meeting with Al-Hajjar, on the sidelines of her heading the Egyptian delegation at the World Bank’s annual meeting in Washington, according to a statement on Sunday.
Al-Hajjar expressed intentions over expansion in Egypt through establishing an office in Cairo, as well as providing insurance services and foreign forms guarantees.
The bank will promote these services in the Egyptian market to guarantee investment and export credit.
Both parties discussed that IDB aims to support some projects in Egypt over the coming period, including entrepreneurship and innovative projects through investing in Egypt’s programme for entrepreneurship.
The Central Bank of Egypt (CBE) had previously announced a 14.5% increase in foreign direct investment (FDI) in Egypt to $7.9 billion in fiscal year 2016/2017 from $6.9 billion in the previous fiscal year.
