Dr. Muhammad Al Jasser: during the forum, 50 agreements are to be signed, and 20 events to be organized. Forum includes 100 speakers, 55 exhibitors, and 1,500 participants.
Dr. Hala El-Said: Egypt established The Sovereign Fund of Egypt (TSFE) to attract the private sector.
The Islamic Development Bank (IsDB) Group announced the official launch of the Private Sector Forum (PSF) in cooperation with the Egyptian Ministry of Planning and Economic Development, on the sidelines of the annual meetings of IsDB group. The meetings are hosted by the Arab Republic of Egypt from 1 to 4 June 2022 at the International Convention Center in Sharm El-Sheikh. The session was commenced by H.E. Dr. Muhammad Al Jasser, Chairman of the IsDB Group, and H.E. Dr. Hala El-Said, Egyptian Minister of Planning and Economic Development.
Dr. Al Jasser said that the forum includes 20 events, more than 100 speakers, 55 exhibitors and 1,500 participants. He said that it will witness signing more than 50 agreements, as well as a work session on the Suez Canal Economic Zone, a giant infrastructure project that strengthened Egypt's trade position in the world. The events also include another session devoted to presenting partnership projects in Egypt, Jordan, Bangladesh and Pakistan. Dr. Al Jasser explained that cooperation between the public and private sectors is an economic pillar in the IsDB member countries and is extremely crucial.
“The Group pays great attention to supporting joint cooperation between member countries, especially the private sector,” he said. He also explained that the Islamic Corporation for the Development of the Private Sector has financed about 505 projects worth $7.1 billion in various sectors. Since its inception in 1994, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) achieved nearly $88 billion, including the exports and imports of 48 member countries. The International Islamic Trade Finance Corporation (ITFC) provided $61 billion in energy imports, and $707 million to small and medium enterprises (SMEs) SMEs and the private sector in 2021.
Al Jasser stressed that the group is looking forward to the issuance of recommendations that live up to the expectations of all concerned parties. The Group will be keeping an eye on the results of the forum to contribute to every event and implement all the recommendations to enhance trade and exchange investments, with the aim of achieving development and establishing partnerships among member states.
Her Excellency Dr. Hala El-Said expressed her happiness with Egypt hosting the IsDB Group’s Forum for the first time in 30 years. “The world witnessed the COVID-19 crisis, and before it recovered, it was already dealing with the challenges of the current geopolitical crisis that has affected all countries of the world, including IsDB Group’s member countries,” El-Said added.
She stressed the importance of supporting the private sector as a key partner in development.
The Minister revealed that the Egyptian government started economic reform measures in 2016 based on three trends, namely, financial, monetary, and the creation of an infrastructure to attract the private sector. She pointed out that infrastructure investments over the past few years aimed to improve the quality of life for Egyptians, and attract the local and foreign private sector. She noted that the reform process is ongoing and gets constantly developed depending on each stage.
She also explained that Egypt had established the Egypt Sovereign Fund for Investment and Development for the first time. It mainly aims to attract more private sector participation and seize the opportunities that attract the private sector. Moreover, a few days ago, the state announced that it will be exiting several sectors and will offer them for the private sector.