IsDB Provides USD 16.6 bn to Finance 395 Egyptian Projects

IsDB Provides USD 16.6 bn to Finance 395 Egyptian Projects

The Islamic Development Bank (IsDB) has pumped USD 12.8 bn (EGP 204.2 bn) worth of investments into 338 different projects across Egypt, while currently working on 57 others with around USD 3.8 bn (EGP 60.6 bn), Invest-Gate reports.

The energy sector secured 80.7% of the bank’s operations in Egypt, at a total value of USD 1.6 bn (EGP 25.5 bn), provided across 19 projects, followed by urban development, mining, and transport sectors (8.7%), IsDB Chairman Bandar Hajjar confirmed in a press release on July 12.

Hajjar also highlighted that IsDB is keen on granting Egypt with USD 126 mn (EGP 2 bn) worth of funding to back up Cairo’s efforts to fight the COVID-19 pandemic, as part of the bank’s USD 2.3 bn (EGP 36.7 bn) providing in aid package to support member countries.

Further, Egypt has cooperated with the Islamic Corporation for the Development of the Private Sector (ICD), affiliated to the IsDB, in financing operations of local projects amounting to about USD 9.6 bn (EGP 153.1 bn) amid the current crisis.

On her part, Planning and Economic Development Minister Hala El Saeed lauded measures taken by the Saudi-based bank to combat the novel Coronavirus through the provision of various emergency aids to member states and Muslim communities in non-member countries.


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