Egypt's sugar plant, the biggest in the world, to produce 900,000 tons    Egypt's unemployment rate drops to 7.2%    Egypt's exports of food industries increase 5% in Q1    Egypt-first to have new climate targets ahead of UN summit    Egypt uncovers official logo for COP27    Ukrainian people say goodbye to Leonid Kravchuk – first elected president    Noura Al-Mutair – first Gulf female boxer in World Championships    Egypt unveils 50 pound coin minted to mark Avenue of Sphinxes grand reopening    Canada's Robert Oliphant starts Egypt, Morocco visit today    Liverpool fans: "You'll Never Walk Alone" to Cristiano Ronaldo    Hot, rainy weather hits Egypt this week    COVID-19 in Egypt: infections fall to 124 cases last week    Realme announces Global Photography Contest 2022    Egypt to play key role in integrating water, climate issues globally – World Bank official    AstraZeneca to boost Egypt investment 50% in three years    Egypt's telecoms regulator announces working hours for holy month of Ramadan    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi's Islamic Development Bank hails Egypt's legislative, economic reforms
Published in Amwal Al Ghad on 22 - 10 - 2019

Saudi Islamic Development Bank's president has praised the legislative and economic progress that Egypt has achieved and the venture facilities the country introduced recently to provide an appropriate environment for investment that builds and maintains partnership with the private sector.
Bandar Al-Hajjar made his statements during a meeting with Egypt's Minister of Investment and International Cooperation Sahar Nasr on the sidelines of the World Bank and International Monetary Fund annual meetings held in Washington.
Al-Hajjar said he is willing to open a regional office of the IsDB in Cairo in November, and that the office would serve Arab neighbours including Jordan, Sudan, Lebanon, Iraq, and Syria.
“The IsDB is eager to support Egypt's efforts to improve its investment climate, especially given that Egypt a founding member of the bank and among the top five countries that benefit from IsDB programmes,” according to Al-Hajjar.
Al-Hajjar and Nasr agreed to increase cooperation between the bank and Egypt, particularly with regards to the Transform Fund that the IsDB has launched and which is valued at $500 million.
The Transform Fund would support Egyptian young people in collaboration of Falak Startup Accelerator, the Investment Fund for Entrepreneurship, and the Your Idea, Your Project initiative.
The two sides will organise the Transformation Pioneers Competition, scheduled to be launched in Cairo on 20 November, to boost innovative ideas and entrepreneurs.
They also discussed the IsDB's support for a number of Egypt's developmental projects in electricity, education, and transport.
Nasr has called Al-Hajjar to participate in the Invest for Africa Forum, which is scheduled to be held in Cairo on 22 November under the patronage of Egypt's President Abdel-Fattah El-Sisi.
Nasr also held a number of other meetings in Washington, including with CEO of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Oussama Abdel-Rahman Kaiss, who asserted that the ICIEC is looking forward to a successful partnership with Egypt over the coming years.
Nasr and Kaiss discussed increasing ICIEC support for the Egyptian private sector and infrastructure projects.
They also agreed on the ICIEC supporting Egypt's efforts in promoting its investment opportunities abroad.
“ICIEC operations in Egypt are estimated at $5.17 billion and cover exporting operations for Egyptian exporters and investors. We have also issued 150 insurance policies since the ICIEC's inception at $1.84 billion for Egyptian exporters and banks to support exports,” Kaiss said.
Source: Ahram Online


Clic here to read the story from its source.