Egypt, IsDB cooperate on 338 projects worth $12.8bln

The projects cover several sectors including energy, industry, mining, agriculture, health

  
Image used for illustrative purpose. A labourer works at a textile mill in Mahalla el-Kubra, about 110 km north of Cairo March 5, 2014.

Image used for illustrative purpose. A labourer works at a textile mill in Mahalla el-Kubra, about 110 km north of Cairo March 5, 2014.

REUTERS/Mohamed Abd El Ghany

Egypt and the Islamic Development Bank (IsDB) have cooperated on a total of 338 projects worth $12.8bn, according to Minister of Trade and Industry Nevine Gamea.

The projects cover several sectors including energy, industry, mining, agriculture, health, trade, import of strategic goods, and education.

In a virtual conference with the bank, Gamea noted that Egypt’s economy, as in other countries worldwide, has been exposed to the many negative economic repercussions of the novel coronavirus (COVID-19) outbreak.

The minister added that the crisis has led to a noticeable disruption in international trade and the global supply chain. She added that Egypt’s industrial sector, particularly manufacturing, has been greatly affected by coronavirus crisis.

She pointed out that the crisis has presented Egyptian manufacturers with the opportunity to increase local manufacturing, and replace imports.

Egypt has cooperated with the Islamic Corporation for the Development of the Private Sector (ICD), affiliated to the IsDB, in financing operations of local projects amounting to about $9.6bn.

Gamea noted that the last of these operations has seen $200m in funding for the General Authority for Supply Commodities (GASC). The funding has gone towards providing basic commodities in light of the ongoing global health crisis.

The minister further disclosed that the ICD is investing about $230m in various sectors across Egypt, including the food industries and renewable energy.

She revealed that negotiations are underway with the ICD to provide loans for micro-, small- and medium-sized projects in Egypt.

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