The 47th Annual Meetings of the Islamic Development Bank (IsDB) Group 2022
Thursday، 02 June 2022 - 12:00 AM
Under the auspices of His Excellency President Abdel Fattah El-Sisi, and in the presence of Dr. Mostafa Madbouly, Prime Minister and Dr. Hala El-Said, Minister of Planning and Economic Development, the 47th Annual Meetings of the Islamic Development Bank (IsDB) Group was launched on Thursday 2-6-2022 in Sharm El-Sheikh, Arab Republic of Egypt.
The meetings will be held from 1-4 June 2022, under the theme: “Beyond Recovery: Resilience and Sustainability”, with the participation of ministers of economy, planning, and Finance in addition to senior representatives from IsDB 57 members states.
The IsDB Group 2022 Annual Meetings in Sharm El Sheikh come in response to an invitation from the Arab Republic of Egypt, with an aim to enhance cooperation together and consolidate economic relations amongst IsDB Group member countries.
Representatives from international and regional financial institutions, Islamic banks, national development finance institutions, business associations, and consultants from member countries are attending the activities preceding the meetings.
The meetings, which will be held on the sidelines of the annual meeting of the Islamic Development Bank, mainly comprise: “the 29th Meeting of the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)”, “the 22nd General Assembly of the Islamic Corporation for the Development of the Private Sector (ICD)”, and “the 17th Meeting of the Board of Governors of the International Islamic Trade Finance Corporation (ITFC)”.
A number of significant events, including the Business Forum for the Private Sector and a number of major events related to the preparation of the 27th session of the Conference of the Parties (COP27), to the United Nations Framework Convention on Climate Change slated for November 2022, the green economy, achieving sustainable growth and other international issues, will also be taking place on the sidelines of the IsDB Group 2022 Annual Meetings.
The Boards of Governors and the General Assemblies of the IsDB Group members hold their Annual Meetings to discuss development issues and institutional matters. The theme of this year’s annual meeting will be “Beyond Recovery: Resilience and Sustainability”. The iconic Private Sector Forum, an opportunity for networking and establishing business relationships and partnerships, is also held in conjunction with the annual meetings.
The Annual Meeting, along with its large array of events and functions taking place on the sidelines over the four-day period, attracts a vast number of representatives from regional and international financial and development institutions, business leaders and the wider community. The event, which offers an ideal platform for decision-makers to discuss challenges and explore opportunities in member countries, typically attracts an audience in excess of 2,000 participants across the various functions.
The 2022 IsDB Group Annual Meeting will take place at Sharm El Sheikh International Convention Center, Sharm El Sheikh, Egypt.
The following meetings of the IsDB Group Boards of Governors and General Assemblies will take place on 3 - 4 June 2022:
- 47th Annual Meeting of the Board of Governors of the IsDB
- 29th Annual Meeting of the Board of Governors of the ICIEC
- 15th Annual Meeting of the Board of Governors of the ISFD
- 22nd General Assembly of ICD
- 17th General Assembly of the ITFC
The IsDB Group Annual Meetings are also an occasion for the following institutions to hold their general assemblies:
- The Association of National Development Finance Institutions in Member Countries of the Islamic Development Bank (ADFIMI)
- The Federation of Consultants from Islamic Countries (FCIC)
- The Federation of Contractors from Islamic Countries (FOCIC)
KNOWLEDGE-SHARING AND FLAGSHIP EVENTS
During the Annual Meetings period, various knowledge-sharing and flagship events are held featuring top-level panelists from governments, international and regional organizations, the private sector, academia, and civil society. Knowledge-sharing events provide a dynamic platform to discuss economic, financial, and development issues of current interest to member countries and their partners.
They also encourage discussions and debates and promote partnerships, cooperation, and knowledge sharing. Most of the events are open to all registered participants.
Preparatory meetings of the 47th 2022 IsDB Group Annual Meetings kicked off on Wednesday 1/06/2022 in Sharm el-Sheikh, Egypt.
Minister of Planning and Economic Development and Egypt's Governor at the Islamic Development Bank Group (IsDB) Hala el Saeed held on Wednesday 1/06/2022 a meeting with Muhammad Sulaiman Al Jasser, President of the Islamic Development Bank (IsDB) Group.
During the meeting, el-Saeed probed with Al-Jasser the latest preparations for the official opening ceremony for the IsDB annual meetings on Thursday in the presence of Prime Minister Mustafa Madbouly.
For his side, Al Jasser thanked Egypt over hosting IsDB annual meetings, praising the high-level organization and the facilities provided to participants to render the event successful.
He said the opening of a regional office in Cairo reflects the bank's keenness on expanding cooperation with Egypt.
Meanwhile, Minister of Planning and Economic Development and Egypt's Governor at the Islamic Development Bank Group (IsDB) Hala el Saeed said that Egypt is keen on cementing its developmental strategic partnership with IsDB.
In this respect, the Ministry of Planning and Economic Development organized an official ceremony to celebrate the opening of the Cairo-based regional office of the Islamic Development Bank Group.
The Minister of Planning and Economic Development Hala el Said and Islamic Development Bank President and Group Chairman Dr. Muhammad Al Jasser attended the ceremony, which was held under the patronage of Prime Minister Moustafa Madbouly.
The ceremony began by welcome speeches by both Said and Jasser and the screening of a short video to shed light on the bank’s activities in Egypt.
The minister said in a statement that the agreement to establish a regional office of the IsDB Group in Egypt, which was signed between the two sides in October 2018, came within the framework of growing bilateral cooperation which has helped in the bank’s rapid response to Egypt’s development priorities.
The minister, also, said that "This decades-long partnership has led to over $17 billion cooperation portfolio used for executing around 367 projects in Egypt”, adding that the IsDB regional office in Cairo had been opened as the group's 11th regional representative office, pursuant to an agreement signed between IsDB and Egypt in 2018.
She noted that the move testifies to the group's expanded operations, growth, as well as its decentralized approach to project management.
In his speech to mark the inauguration of the office, Islamic Development Bank President and Group Chairman Dr. Muhammad Al Jasser praised Egypt’s economic reform program, expressing his confidence that efforts to enhance macroeconomic stability will lead to a more sustainable and inclusive growth that would result in improving the livelihoods of all Egyptians.
He thanked Egypt, its government and President Abdel Fattah El Sisi for hosting the regional office of IsDB Group, pointing out that the exceptional circumstances which the world is experiencing places an increased responsibility on the group to respond to these challenges and help improve the image of the Islamic countries with the development solutions it offers to them.
He noted that foremost among the duties of the regional office is to work for fostering cooperation, establishing partnerships and contributing to resolving the problems of poverty and unemployment.
The Inaugural Session
Prime Minister Mostafa Madbouly on Thursday 2/06/2022 attended the inaugural session of the 47th Annual meetings of the Islamic Development Bank (IsDB) Group, which convenes under the theme: “Beyond Recovery: Resilience and Sustainability.”
At the outset of the inaugural session of the IsDB Group annual meetings, a documentary film on IsDB was displayed to review the bank's objectives for development as well as means of improving the people's quality of living along with achieving social progress through vibrant cooperation and effective partnerships across the four continents.
The film shed light on the bank's endeavors to enhance education for all and help displaced children to be listed again in schools as well as secure their future, in addition to other efforts exerted to assist member states in standing against global challenges pertaining to food security, water, sanitation, health and renewable energy.
It underlined the importance of the IsDB's investments in many areas including the establishment of vital infrastructure, improving people's access to essential services as well as easing international trade in a bid to fight poverty and finance projects that achieve green economic growth and guarantee recovery from economic crises.
The film also underlined the cooperation of IsDB with international partners to achieve the global objectives of realizing a better and sustainable future for all.
Prime Minister Mostafa Madbouly delivered a speech, in which he conveyed President Sisi’s good wishes for the assembly.
He also hailed the attendance of a large number of senior representatives of governments, civil society and regional and international financial institutions as well as diplomatic envoys, saying that this reflects the importance of the IsDB meetings.
Madbouly asserted that reforms have enabled the Egyptian economy to overcome crises facing it.
Prime Minister Mostafa Madbouly said that the whole world is currently facing global economic and social crises.
He added that while the world is still recovering from the Covid-19 pandemic, it is facing the consequences of the Russian-Ukrainian crisis.
He further said that these consequences have affected the developmental needs of all countries including the member states of the Islamic Development Bank (IsDB) Group that aim at reaching sustainable and inclusive economic, social and environmental development.
Prime Minister Mostafa Madbouly called on the Islamic Development Bank (IsDB) to continue its efforts to provide funds required by the member states to face the current economic, social and environmental challenges.
He also called for continuing the implementation of the developmental projects especially infrastructure projects required to link regional states.
Madbouly added that Egypt has exerted great efforts in the past few years to reach the overall and sustainable development through providing several incentives and launching various reforms.
Addressing the inaugural session of the 2022 Annual Meetings of the Islamic Development Bank (IsDB), Planning Minister Hala El Saeed praised the influential role of the IsDB Group’s international trade finance arm – the International Islamic Trade Finance Corporation (ITFC) – over its quick response to garner up necessary funding to support its member states amid the coronavirus pandemic.
Hala El Saeed said Egypt’s initiative to host the IsDB Group Annual Meetings this year is an indication of its desire to continue playing its regional role at all levels, the foremost of which is achieving further socio-economic development.
She also said Egypt has cherished its participation in the idea of establishing the IsDB since its inception in 1971 to be a financial institution working on enhancing the socio-economic development of its 57 member states.
EL-Saeed also said IsDB funding has contributed in enhancing the Egyptian state efforts to establish infrastructure as well as provide necessary energy sources for the various economic sectors in order to achieve sustainable development.
She added that the IsDB policy is complying with Egypt's policy of investing in the human capital through expanding the expenditures of education and health as well as enhancing the role of the private sector, trade and investment as well as joining influential partnerships for the sake of achieving development.
The minister added that cooperation between Egypt and IsDB has further been crystallized in Egypt's hosting the premises of the Women Development Organization, an affiliate of the Islamic Cooperation Conference (OIC), whose activities have contributed to boosting the state's efforts towards achieving gender equality and women empowerment at the social and economic levels.
Planning Minister Hala El Saeed, also, asserted that opening new premises for IsDB in Cairo and the start of its operations in early 2022 has opened new horizons for cooperation between the two sides along with following up the projects which are being implemented in Egypt in cooperation with the various financial institutions affiliated to IsDB group.
She added that this year's annual meetings of IsDB witnessed unprecedented participation as representatives from international and regional financial institutions, Islamic banks, national development finance institutions, business associations, and consultants from member countries are attending the activities preceding the meetings, noting that IsDB meetings will witness the private business exhibition, which involves the participation of major business companies and foundations at the local, regional and international levels.
The Private Business Exhibition
Prime Minister Mostafa Madbouly inspected on Thursday 2/06/2022 the private business exhibition held on the sidelines of the annual meetings of the Islamic Development Bank (IsDB) Group.
The Minister inspected the pavilions of the Arab Organization for Industrialization, the Industrial Development Authority, Egypt Post, e-finance and other institutions as well as startups and young entrepreneurs.
He also inspected projects, which are currently under way in the Red Sea resort city as part of preparations for its hosting of the UN Climate Conference (COP27) in November.
Press conference on the sidelines of the 2022 Annual Meetings of the IsDB Group
On this occasion, Minister of Planning and Economic Development and IsDB Governor for Egypt Hala El Saeed said that Egypt is employing all its capabilities to ensure the success of the IsDB Group Annual Meetings, adding that the country’s long history and extended relationship with the Bank since its inception in 1974 has resulted in a Group cooperation portfolio of around dlrs 17 billion till the end of March, 2022. The total projects reached 367 including 303 projects that had already been finalized with a total cost of dlrs 10.5 billion along with 64 projects which are still under way.
El-Saeed also underlined that the last time an IsDB Annual Meeting was held in Egypt was in 1991 and, this year, Egypt plans to make history again 30 years on.
She noted that Egypt will present visions for cooperation and discuss common issues concerning member countries at all levels highlighting that several important side events will be organized, including the Business Forum for the Private Sector and several events related to the preparations for the 27th session of the Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change in November 2022, green economy, achieving sustainable growth and confronting climate change, and other important international issues.
Hala el Saeed said the bank's cooperation portfolio with Egypt hit USD 17 billion till March, adding that this cooperation portfolio covers 367 projects in the sectors of energy, technical education, women development and trade, at a total cost of USD 10.5 billion.
The planning minister, also, noted that a large number of companies would participate in the IsDB Group Private Sector Forum to explore the possibility of creating business partnerships.
She explained that the IsDB's current session would witness signing several agreements with Egypt, including agreements on how to strengthen the private sector's role in development.
On his part, IsDB President Muhammad Sulaiman Al Jasser said the bank provided funding worth USD 160 billion for implementing 11,000 projects in the member states and Muslim communities of the non-member states.
He added the bank's operations in Egypt amounted to more than USD 17 billion that comprised the sectors of energy, real estate, industry and mining.
For his part, Finance Minister Mohamed Maait urged booting cooperation to fill in the funding gaps to meet the climate change challenges and respond to fears of countries which are not responsible for climate challenges.
Maait reiterated the importance of turning from the phase of promises to implementation as regards the climate change challenges, adding that the Climate Conference, which is due in Sharm El Sheikh in November, will be held under the theme of "Together for the Sake of Implementation" in view of the importance of meeting the promises made by countries to support the funding of climate change.
He also revealed that a day for funding of climate issues will be held on the fringe of the UN Climate Conference (COP27).
The minister also called for further consolidating efforts made at Glasgow conference and work hard to bring its recommendations into effect.
Finance Minister Mohamed Maait asserted the importance of green recovery and transition to a green economy, underlining as well the need for boosting green finance to achieve sustainable development.
Maait said that rebuilding a better future in the post-Covid-19 era requires supporting green recovery through the adoption of a changed approach that helps in averting future health and economic shocks.
He added that strengthening financial resources for sustainable development has become a must, stressing the importance of raising awareness about sustainability issues.
He, also, said that Egypt will host a meeting of African ministers of finance, environment, planning and international cooperation on September 7-9 to prepare for and speak in one voice during the coming UN conference on climate change, COP27, which will be held in Sharm El Sheikh in November.
IsDB Private Sector Forum
Chairman of the Islamic Development Bank (IsDB) Group Muhammad Sulaiman al Jasser and Egyptian Planning Minister Hala el Saeed inaugurated on Thursday 2/06/2022 the business forum of the private sector, which is held on the sidelines of the annual meetings of the group in the Red Sea resort of Sharm el Sheikh.
The three-day forum reviews opportunities and challenges faced by the business sector.
The forum aims at shedding light on the activities, services and initiatives of the IsDB Group member states, including Egypt.
The forum discusses opportunities and challenges that face different types of business activities.
It gives a chance to investors and businessmen to communicate with the companies and establish commercial ties with their counterparts.
Planning and Economic Development Minister Dr. Hala el Saeed asserted the importance of promoting cooperation and boosting the role of the private sector, noting that Egypt spent six trillion Egyptian pounds as infrastructure investments over the past six years.
El-Saeed added that the forum aims to support all development efforts of the private sector in IsDB member countries.
She asserted that the repercussions of Covid-19 and the Russian-Ukrainian military operation necessitate us all to cooperate and further encourage the private sector to participate in development efforts as a key partner in these efforts.
Prime Minister Moustafa Madbouly participated on Friday 3/06/2022 in discussion panel entitled "The private sector... and the investment opportunities in Egypt," as part of the Islamic Development Bank Group (IsDB)’s 2022 annual meetings that are held in the Red Sea resort city of Sharm El-Sheikh.
Madbouly said that the Egyptian State has developed a very clear vision for addressing challenges since President Abdel Fattah El Sisi took office in mid-2014.
He pointed out that this vision includes rebuilding the State that was suffering from basic and structural problems in pivotal sectors, especially in energy and infrastructure, explaining that in 2014, Egypt experienced one of its most serious energy crises as well as problems in the sectors of drinking water, sanitary drainage, transportation and communications.
Talking about the State's vision to deal with the upcoming challenges, Madbouly said that Egypt witnessed two revolutions in 2011 and 2013, noting that during this period the political condition was so difficult, which in turn affected also the economic conditions in the country.
He also pointed out to the current rate of population growth, noting that the population of Egypt has increased by around 20 million people in 10 years.
Madbouly further referred to the reform economic program which was adopted with the help of the International Monetary Fund (IMF) and other international institutions.
He highlighted that Egypt has recovered strongly from the Covid-19 pandemic-induced global economic slowdown, helped by the government's ambitious reform program,.
He, also, noted that despite all challenges, the country’s growth rate increased by 7.8% in the first nine months of the current fiscal year 2021/2022.
Regarding Egypt's vision on the upcoming period, Mabdouly said the government has taken several important steps to encourage the private's sector participation in several projects.
For her part, Planning Minister Hala El Saeed said that the state has started the second phase of structural reform despite global challenges and crises. Consequently, it was necessary to take swift actions to deal with such challenges, with the aim of luring investments.
El Saeed pointed out the second phase, which comes after carrying out economic reforms successfully, focuses on strengthening the pivotal roles of the private sector to propel the development process in Egypt.
The minister added that the participants agreed on holding a forum to support the private sector in cooperation with the bank’s member states.
The signing of a number of documents and agreements
Prime Minister Moustafa Madbouly witnessed on Friday 3/06/2022 the signing of some documents and agreements between the Egyptian side and a group of investors on the sidelines of the Islamic Development Bank Group (IsDB)’s 2022 annual meetings that are held in the Red Sea resort city of Sharm El-Sheikh.
A memorandum of understanding (MoU) was signed by Mohamed Abdel Wahed Soleiman, the managing director of Galina, a major producer and exporter of frozen fruits and vegetables, and Ayman Sejiny, the CEO and General Manager of the Islamic Corporation for the Development of the Private Sector. It aims to open new export markets in the country.
Sejiny signed another MoU with chief financial officer (CFO) of financial services provider Sarwa Capital Ayman el Sawy with a view to developing and increasing the issuance of sukuk, or sharia-compliant Islamic bonds, as a financing tool for the private and public sectors.
A memorandum of understanding (MoU) was also signed to promote the private sector’s role, issue sukuk, and finance small and medium enterprises in Egypt between the Islamic Corporation for the Development of the Private Sector represented by its CEO and general manager Ayman Sejiny, and CEO of Abu Dhabi Islamic Bank (ADIB) Egypt Mohamed Aly.
Sejiny also signed an MoU with CEO of First Abu Dhabi Bank (FAB) Mohamed Abbas Fayed to promote the private sector’s role, issue sukuk, and finance small and medium enterprises in the country.
Prime Minister Moustafa Madbouly witnessed the signing of an MoU with Faisal Islamic Bank of Egypt to boost the role of the private sector, Sukuk issuance, and offering finances to the SMEs in Egypt.
The MoU was signed by governor of Faisal Islamic Bank Abdel Hamid Abu Mousa and CEO and General Manager of the Islamic Corporation for the Development of the Private Sector Ayman Sejiny.
Also, a financing contract between Eastern Company for Sugar Industry and the lending banks was signed by president of Banque Misr Mohamed el Etribi and Sejiny.
Another MoU was signed between Elsewedy Electric and Sejiny to carry out projects, aimed at protecting the environment, the climate, and water resources in Egypt and other member states.
An MoU was signed with the Federation of Egyptian Industries by president of the federation Mohamed Zaki Elsewedy and CEO of the Islamic Corporation for the Insurance of Investment and Export Credit Osama al Qaisy.
Another MoU was signed between the Islamic Development Bank Group (IsDB) and Ain Shams University to improve healthcare services provided to IsDB members states.
Finance Minister Mohamed Maait participated in a discussion panel entitled “Financing Sustainable Development: from a Sustainable and Inclusive Recovery to a Resilient Future”, in which he asserted the importance of green recovery and transition to a green economy, underlining as well the need for boosting green finance to achieve sustainable development.
Maait said that rebuilding a better future in the post-Covid-19 era requires supporting green recovery through the adoption of a changed approach that helps in averting future health and economic shocks.
Strengthening financial resources for sustainable development has become a must, he added, stressing the importance of raising awareness about sustainability issues.
He said as well that Egypt will host a meeting of African ministers of finance, environment, planning and international cooperation on September 7-9 to prepare for and speak in one voice during the coming UN conference on climate change, COP27, which will be held in Sharm El Sheikh in November.
Minister of Transport Kamel el Wazir participated on Saturday 4/06/2022 in a discussion panel entitled “Mitigating climate change”, in which he asserted that the work and production has been continued non-stop nationwide since President Abdel Fattah El Sisi launched the plan of building modern Egypt.
He pointed out that Egypt has been witnessing implantation of mega projects in various fields to achieve sustainable development, noting that the transport sector had the lion's share of these development projects, evidently proved by the improvement in railways, road, maritime transport sectors.
The minister said that expenditures on the Transport Ministry’s projects amount to EGP 1.7 trillion during the period from 2014 to 2024,.
He noted that Egypt accounts for 0.6% of global Greenhouse gas (GHG) emissions, which are often measured in carbon dioxide (CO2) equivalent, adding that Egypt, thus, has moved in the direction of reducing greenhouse gas emissions.
In the field of curbing the negative impacts of climate change, the Transport Ministry has expanded eco-friendly mass transit projects, including the light rail transit project, which will be operational on June 8 and officially opened by the end of this month.
He added that these projects also include the Cairo Monorail and the metro, pointing out that the third phase of the Cairo Metro Line 3, which connects Ataba Square, Cairo, and Kitkat in Imbaba, Giza, is set to be inaugurated on July 15.
The minister further said that Cairo Metro Line 4 is currently being implemented by Egyptian private companies, hoping that the implementation of the Alexandria Metro; a proposed rapid transit system for Egypt's second largest city, will start in July.
Regarding the funding sources, the minister said that all the funding agencies that Egypt has dealt with offer soft loans with grace and maturity periods ranging between 15 and 25 years.
The transport minister further disclosed that a fourth line of the high-speed electric railway will be constructed by the Egyptian private sector.
As for Egypt's ports, the minister said that the principle by which the State deals with when it comes to projects in this sector is the management, operation and non-ownership of ports by the private sector.
The G20 session
Minister of International Cooperation Rania el Mashat participated on Saturday 4/06/2022 in the G20 session, under the presidency of Indonesia on the sidelines of the annual meetings of Islamic Development Bank (IsDB) Group.
Mashat said Saturday that the 2nd edition of Egypt International Cooperation forum (Egypt-ICF) is planned to set a unified vision for the green transition ahead of the United Nations Climate change Conference (COP27), planned to be held later this year.
Mashat pointed out that slated to be held in September, Egypt-ICF will work on bringing together African finance and environment ministers to exchange viewpoints in order to draw up a unified vision and coordinate efforts so as to push forward climate action in Africa, enhance innovative and sustainable financing instruments, an narrowing the financing gap for green transition.
She said that this goes in line with the instructions of President Abdel Fattah El Sisi to reinforce cooperation in this field ahead of the COP27.
Mashat added that Africa is the least contributing continent when it comes to the carbon emissions, although it is the most affected by these emissions.
She highlighted that Egypt’s presidency to COP27 and Indonesia’s presidency to G20 stress the importance of rallying all talks and efforts to give momentum to achieving sustainable and fair development, in addition to tackling the challenges, faced by the developing countries.
She explained that the current year is vital for enhancing multilateral cooperation and facing up the development challenges
Dr. Rania Al-Mashat, Minister of International Cooperation, delivered the keynote speech at the discussion panel entitled “Beyond Recovery: Promoting Resilience and Sustainability through FinTech Solutions”.
Mashat stressed that the FinTech solutions became indispensable now a days to enhance financial inclusion, face the challenges triggered on the back of the coronavirus crisis, and find out innovative solutions for development challenges.
The minister pointed out that innovations, FinTech, and entrepreneur projects could be seen as growth locomotives, due to its role in offering innovative solutions in different sectors.
She noted that the International Cooperation Ministry is working with bilateral and multilateral development partners to boost partnerships with the private sector in order to support youth entrepreneurs.
Minister of Planning and Economic Development and IsDB Governor for Egypt Hala El Saeed met with Kuwait’s Finance Minister Abdulwahab Al-Rushaid, on the sidelines of the 47th annual meetings of the Islamic Development Bank (IsDB) Group.
El Saeed reviewed the investment potentials in Egypt, especially through the Sovereign Fund of Egypt, and its latest executed projects, such as the acquisition of the Arab Investment Bank, developing Tahrir complex into an international hotel, in addition to other projects.
For his part, Al-Rushaid reiterated his country’s interest in investing in Egypt, expanding the partnership and the common projects, as well as pumping more investments in different sectors, especially after the governmentally announced facilities, and encouraging more foreign and Arab investments into Egypt.
The Concluding session
Planning Minister Hala el Saeed stated, during the concluding session of the 47th Annual Meetings of the Islamic Development Bank (IsDB) Group that the annual meetings of the Islamic Development Bank (IsDB) Group of 2022, that is held under the auspices of President Abdel Fattah El Sisi resulted in the declaration of launching the alliance of green transitions partners.
She said that the alliance includes the most prominent companies of the Egyptian private sector in the field of energy, transport, recycling of energy and waste, sustainable real estate development and finance and civil work.
Saeed pointed out that the alliance aims at inspiring the Egyptian private sector to adopt green transition to be up to the government’s approach towards green transition and coordination with national development plans.
Saeed said that the annual meetings also culminated in the signing of 13 memoranda of understanding and letters of intent between the Egyptian partner agencies, the Islamic Development Bank (IsDB) and member institutions in various vital fields.
She added that about 50 cooperation documents were signed between the bank group and other member states.
The minister said that a letter of intent was signed to establish the first export academy in Egypt in cooperation between the International Islamic Trade Finance Corporation, the Ministry of Planning and Economic Development, the Ministry of Trade and Industry, and the Egyptian Exporters Association,.
She pointed out that the events also included a roundtable for governors, where they reviewed experiences of countries, challenges and available opportunities, the best constructive economic and investment practices, and success stories.
Saeed said the meetings were held within the state's direction to overcome any obstacles facing investments in which international and regional development institutions contribute, thanks to their effective role in supporting projects with large potential development returns while ensuring that the requirements of management and financial sustainability are met.
She added that Egypt’s hosting of the group’s meetings reflected deep-rooted relations and the distinguished strategic partnership between the two sides, which resulted in a growing and diversified cooperation portfolio that exceeded the $17 billion, including the approval of 367 projects for Egypt, of which 303 projects have already been completed at a total cost of $10.5 billion.
Meanwhile, the Islamic Development Bank (IsDB) group, the board of the IsDB governors thanked President Abdel Fattah el Sisi, the government, and Egyptian people over hosting its annual meeting in Sharm el Sheikh.
In its statement, the board of IsDB governors stated that it is pleased to extend thanks to President Abdel Fattah El Sisi over his patronage to the event and Prime Minister Mustafa Madbouly over his inauguration to the activities of the meetings.