The Islamic Development Bank Group (IsDB) to inaugurate its regional office in Cairo, during the bank’s 2022 Annual Meetings which are held in Egypt’s Sharm El-Sheikh.
This was revealed by the Islamic Development Bank President and Group Chairperson Muhammad Al Jasser during a Thursday press conference with Egypt’s Minister of Planning and Economic Development and IsDB Governor for Egypt Hala El-Said.
El-Said added that the inauguration of the regional office is a testimony of the solid partnership between Egypt and the IsDB.
The Bank is holding its 2022 Annual Meetings in Sharm El-Sheikh, Egypt, from 1-4 June 2022, under the theme “Beyond Recovery: Resilience and Sustainability”.
The bank said that the meetings will be held under the patronage of President Abdel Fattah Al-Sisi in response to an official invitation by the government of Egypt.
The meetings will be held this year in light of major economic and geopolitical developments characterised by the noticeable decline in the COVID-19 pandemic and the renewed hope that the world is on track for the recovery phase.
On the occasion, El-Said commented that Egypt is employing all its capabilities to ensure the success of the IsDB Group annual meetings, adding that the country’s long history and extended relationship with the bank since its inception in 1974 has resulted in a group cooperation portfolio of more than $17bn.
“This year’s meetings for the first time witnessed the launch of the Private Sector Forum (PSF),” El-Said indicated.
The main objective of the PSF is to provide a unique platform to network and establish business relations and partnerships with other leading representatives and stakeholders from the business community in order to share their related experience, success stories and best practices, while jointly exploring investment and trade opportunities offered by member countries.
“The PSF will witness the signing of 13 agreements with Egypt, as well as several other agreements with Arab Countries. These include supporting Egyptian exports to Africa and boosting private sector participation,” El-Said added.
PSF will also highlight the IsDB Group activities, services and initiatives in member countries including Egypt (investment, trade, and insurance).
Also, to educate member countries on IsDB Group’s role in promoting PPP projects and promote IsDB Group’s services to the private sectors interested to invest in Egypt. The Forum will also connect business communities in member countries by arranging parallel B2B and B2G scheduled meetings.
The Government of Egypt and the IsDB Group are conscious of the challenges linked to the exceptional circumstances posed by the COVID-19 pandemic and cognizant of the safety of all delegates and participants. In this regard, a comprehensive health and safety plan has been prepared.