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Publish Date : 17-Oct-2017

On the sidelines of chairing Egypts delegation at the WBs Annual Meetings currently held in the US capital Washington, the Minister of Investment and International Cooperation Dr. Sahar Nasr met with President of the Islamic Development Bank (IsDB) Dr. Bandar Hajjar. The meeting was attended by the Ministers Senior Economic Advisor for Economic Affairs Dr. Shehab Marzeban, the Ministers Advisor for Economic Affairs Ms. Nehal Helmy, CEO of the International Islamic Trade Finance Corporation (ITFC) Mr. Hani Sonbol, and President of the Islamic Corporation for the Development of the Private sector (ICD) Mr. Khaled Al-Aboodi.

Both sides discussed procedures for establishing a branch for IsBD in Cairo and for increasing the Banks support of several future projects in Egypt, besides promoting entrepreneurship and innovative projects through investing in Egypt Entrepreneurship Program (EEP). The officials also touched on encouraging capacity-building programs in Egypt, and expanding the Banks activities in providing insurance services, ensuring foreign investments and encouraging their flows in the Egyptian market through the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

the Minister invited the President of IsDB to participate at the "Africa 2017: Investment for Sustainable Development" Conference to be held under the auspices of President Abdel Fattah El-Sisi during the period from 7 to 9 December 2017 and to be organized by the COMESA Regional Investment Agency in Sharm El-Sheikh. Within this framework, Dr. Hajjar emphasized his determination to participate at the conference. He further revealed that the Bank was about to develop a new cooperation strategy with Egypt worth USD 3 billion for the 3 upcoming years during the period from 2018 to 2020.

Afterwards, the Minister met with Chairman of the Board of Directors of the Arab Fund for Economic and Social Development (AFESD) Mr. Abdel-Latif Yousif Al-Hamad, in presence of Dr. Marzeban.

The Minister laid emphasis on Egypts constant aspirations to develop its relations with the AFESD, dating back to 1974, noting that MIIC worked on supporting projects of youth to play a positive role at the economic level.

In addition, both sides discussed AFESDs support of Fekretak Sherketak Initiative with the aim to support startups and encourage the private sector to invest in several projects. On his part, Mr. Al-Hamad commended the initiative, asserting AFESDs keenness on enhancing entrepreneurship.

Both sides further tackled supporting the education and transportation sectors in coordination with the Ministries of Education and Transportation. As for Mr. Al-Hamad, he emphasized AFESDs willingness to support the said sectors, in light of its successful experience in the transportation sector, given that the AFESD previously supported Morocco in the same sector and is ready to repeat such experience in Egypt.

Moreover, the Minister met with President of the Kuwait Fund for Arab Economic Development (KFAED) Mr. Abdulwahab Al-Bader, where increasing cooperation between Egypt and KFAED during the upcoming period was touched on.

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