Islamic Development Bank Group contributes to more than 57 projects under implementation in Egypt with $3.8 billion and reaffirms its economic support to Egypt

Dr Bandar Hajjar, Chairman of the Islamic Development Bank (IsDB) Group stated that the IsDB is currently implementing 57 projects in Egypt totalling $3.8 billion. During the meeting, the discussions touched upon the negative impact of the Covid-19 pandemic and the IsDB’s readiness to provide Egypt with $126 million to support its efforts in combating the pandemic. The IsDB Group also contributed $200 million through the International Islamic Trade Finance Corporation (ITFC) to support the Egyptian government in purchasing strategic commodities and make them available on an urgent basis during the Covid-19 pandemic. Furthermore, the Islamic Corporation for the Development of the Private Sector (ICD) and the Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC) are working with all concerned institutions and organisations in Egypt to consider providing the necessary financings to achieve food security and financing micro, small and medium projects to support their working capital.

Funding agencies: Islamic Development Bank

Countries: Egypt

Published: 2020-07-14

Sectors: Services