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Cairo – The Islamic Development Bank (IsDB) Group has allocated $3 billion to support developmental projects in Egypt until 2021, the group’s president Bandar Hajjar said in a statement on Sunday.
This funding is directed to several sectors in the North African nation, including transportation, education, electricity, and public-private partnership (PPP) projects, Hajjar added during his meeting with the Egyptian minister of investment and international cooperation Sahar Nasr.
In addition, Nasr also met the CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the IsDB Group, Oussama Kaissi who revealed that the ICIEC’s operations in Egypt reached $5.17 billion.
Since its establishment, ICIEC has issued 150 insurance policies worth $1.84 billion for Egyptian exporters and banks in a bid to boost exports, Kaissi remarked.
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