17 billion dollars in Islamic International finances in Egypt

17 billion dollars in Islamic International finances in Egypt
17 billion dollars in Islamic International finances in Egypt

Dr. Hala El-Said, Minister of Planning and Economic Development and Governor of Egypt at the Islamic Development Bank Group, praised the efforts and support of the International Islamic Trade Finance Corporation and its keenness to strengthen existing and new operations for the benefit of Egyptian institutions. One billion dollars for the year 2023 to allow the Corporation a number of financing operations for the concerned Egyptian authorities according to the signing of the Corporation’s annual work program with Egypt, to provide financing solutions through signing programs with both the Egyptian General Authority for Supply Commodities and the Egyptian General Petroleum Corporation, in a way that supports the efforts of the Egyptian state to provide basic food commodities and petroleum products for citizens.

On the sidelines of the annual meetings of the Bank Group, which is held in Jeddah, Saudi Arabia, the minister discussed under the slogan: “Establishing partnerships to prevent crises,” the areas of cooperation between Egypt and the International Islamic Corporation for the Private Sector. She met with Eng. Hani Sonbol, CEO of the International Islamic Corporation for Trade Finance and acting CEO of the International Islamic Corporation for the Private Sector, and discussed with him ways to enhance cooperation between the Corporation and the Sovereign Fund of Egypt, the investment arm of the state, in line with the axes of the National Program for Structural Reforms.

Dr. Mohamed Maait, Minister of Finance and Governor of Egypt at the Asian Investment Bank, confirmed Egypt’s aspiration for the first issuance of panda bonds in Chinese yuan in the Chinese market for a country from Africa and the Middle East during the coming period. He added that the issuance aims to establish social and environmentally friendly projects, after our success in issuing “bonds.” dollar bills, green bonds, and samurai bonds, as well as diversifying financing sources. In his meeting with Loki Echo and Rianto, Vice President of Asian Investment in Infrastructure, the minister reviewed the government’s efforts to launch the first issuance of sovereign Islamic sukuk in Egypt’s history, at a value of $1.5 billion, stressing keenness to enhance ways of cooperation with international institutions, in line with the Egyptian approach. To diversify funding sources. On the sidelines of the meetings, the minister discussed with Mohammed bin Hadi Al-Husseini, Minister of State for Financial Affairs in the Emirates, mechanisms for attracting large foreign investments that entered during the first half of the fiscal year, explaining that the “government proposals” program within the framework of the State Ownership Policy document opens horizons for foreign investments, and we aim Two billion dollars before the end of the current fiscal year.

Discussed with Ahmed Maslan, Deputy Minister of Finance of Malaysia, strengthening economic cooperation between the two countries, activating the work of the Egyptian-Malaysian Businessmen Association, the Chamber of Commerce between the two countries, the double taxation agreement and its renewal to keep pace with international best practices.

The Malaysian Deputy Minister of Finance praised the development of the Egyptian state in various economic activities, pointing to the study of exchanging commodities of interest to both countries. For example, Egypt imports palm oil in return for exporting pharmaceutical raw materials. In a way that contributes to providing the basic needs of goods for the two countries in light of the current crises.

In the same context, Dr. Rania Al-Mashat, Minister of International Cooperation, held a number of bilateral meetings with officials of Arab financial institutions to enhance joint cooperation, in light of the country’s development priorities, on the sidelines of her participation in the activities of the meetings.

And I discussed with Sultan bin Abdul Rahman Al-Murshed, CEO of the Saudi Fund for Development, the Fund’s permanent support for priority development projects in Egypt, especially in the Sinai Peninsula, the latest of which is the King Salman project, which is a unique development experience.

In a related context, the Minister of International Cooperation met with Saad Al-Khalab, CEO of the Saudi Export-Import Bank EXIM, during which they explored joint areas of cooperation in the field of financing and guaranteeing exports, and strengthening the bank’s presence in the Egyptian market in the field of guaranteeing exports and investments for the private sector. Dr. Rania Al-Mashat also discussed with Ahmed Abu Bakr, Director of the Future Evaluation Department at the Islamic Development Bank, and the work team, how to coordinate joint work and cooperation between the monitoring and evaluation sectors of the bank and the Ministry of International Cooperation.

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