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Egypt is hosting the annual meetings of the Islamic Development Bank Group (IsDB Group) in Sharm El Sheikh on June 1-4. Egypt is also home to one of the 11 regional headquarters of the IsDB, which has 57 members and holds 7.07 percent of the IsDB’s shares, which makes it the seventh-largest shareholder in the entity
Egypt is hosting the annual meetings of the Islamic Development Bank Group (IsDB Group) in Sharm El Sheikh on June 1-4. To discuss the details of the meeting of IsDB Group, Prime Minister Mostafa Madbouli met Tuesday with Minister of Planning and Economic Development Hala al-Said, who is also Egypt’s governor at the bank.
It is expected that Egypt will present visions of cooperation and raise common issues concerning member states at all levels. Several concurrent events will be organized, including the Business Forum for the private sector. These include preparations for COP27, green economy, sustainable growth, climate change, and other pressing international issues.
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The last time an IsDB annual meeting was held in Egypt was in 1991. Egypt enjoys a warm relationship with the bank since its inception in 1974. The joint portfolio of the bank is worth US$16 billion. The bank has been financing a large number of projects. The 362 projects financed by the bank in Egypt include projects in sectors like manufacturing, mining, energy, finance, agriculture, education, healthcare, water supply, wastewater, housing, telecommunications, information technology, and transport, among others. Importantly, Egypt is also home to one of the 11 regional headquarters of the IsDB, which has 57 members and holds 7.07 percent of the IsDB’s shares, which makes it the seventh-largest shareholder in the entity.
