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· Minister of Trade and Industry Egypt Nevine Gamea, while addressing a private sector video conference said that Egypt and Islamic Development Bank are cooperating in implementing 338 projects entailing US$12.8 billion.
· The minister of the Islamic Development Bank Group, has an exposure of about US$9.6 billion in Egypt.
· North African country is also cooperating with the bank in the framework of its accession to the Arab-African Bridges Trade Initiative
Minister of Trade and Industry Egypt Nevine Gamea, while addressing a private sector video conference said that Egypt and Islamic Development Bank are cooperating in implementing 338 projects entailing US$12.8 billion.
The minister added that the areas of partnership are in the energy, industry, mining, agriculture, health and social services, trade, import of strategic goods and education sectors.
Flagging the negative impact of the Covid-19 in Egypt and elsewhere in the world, the minister said that it has led to noticeable disruption in international trade and the supply chain at the global level. The Egyptian industrial sector, particularly the manufacturing segment was greatly affected by this crisis, because of its linkages with the global markets.
She said that the crisis is a great opportunity for Egyptian manufacturers to set up input industries, production requirements, deepen local manufacturing, and replace imports.
The minister said that the Islamic Development Bank Group has an exposure of about US$9.6 billion in Egypt. The North African country is also cooperating with the bank in the framework of its accession to the Arab-African Bridges Trade Initiative. The aim of the initiative is to develop commercial partnerships between the Group’s member countries and the African region, she said. Referring to the
“Egyptian Cotton Project” program to raise the quality of Egyptian cotton in cooperation with the United Nations Industrial Development Organization, the minister said that the project would benefit a large number of Egyptian farmers. She also indicated that the Islamic Corporation for the Development of the Private Sector is investing
about US $230 million in various sectors in Egypt, including the food industries and renewable energy, in addition to providing funding in a number of other sectors.
