Cairo – Mubasher: Saudi Arabia-based The Islamic Development Bank (ISDB) plans to establish five branches in Egypt, Suriname, Uganda, Bangladesh, and the UAE during the coming period, said the International Islamic Trade Finance Corporation’s (ITFC) CEO Hani Sonbol.
The group provides services to its members through four regional branches, in addition to three branches in Turkey, Indonesia and Nigeria, Sonbol added.
In 2013, the ISDB allocated $6 billion for investing in Egyptian sukuk offering.
In 2014, the bank borrowed Egypt a $425 million loan as part of supporting tourism sector, and another $226.8 million loan to implement the first phase of developing Sharm El Sheikh International Airport.
