Egyptian Min.: Islamic Development finances Egyptian projects up to USD 21 bln

CAIRO, Feb 6 (KUNA) -- The Egyptian Minister of International Cooperation (MIC), Rania Al-Mashat, on Tuesday, stated finances of the Islamic Development Bank group (ISDB) for Egyptian projects have totaled USD 21 billion.
Al-Mashat mentioned this during her meeting with ISDB President Dr. Mohammad Al-Jasser in the Ministry's headquarters in Cairo.
Al-Mashat affirmed that Egypt is considered one of the largest beneficiary countries of the ISDB group, with 382 projects funded across various sectors including electricity, energy, agriculture, irrigation, education, health, industry, mining, information, and communications. She also noted that 332 projects have been completed.
Furthermore, Al-Mashat said that the MIC is keen on increasing more projects with the ISDB group during the upcoming period where the Egyptian government's ambitious development plans to realize goals by 2030. Al-Mashat praised the ISDB group's interest in contributing to the financing of some projects under Egypt's Nexus of Water, Food and Energy from Pledges to Implementation (NWFE) program, such as projects for updating irrigation systems in agricultural lands and enhancing resilience in remote and vulnerable areas, alongside the solar-powered water desalination project. The project aims to launch five solar-powered water desalination plants in four governorates with a total capacity of 525,000 cubic meters per day, increasing to 1.75 million cubic meters per day by 2050. On his part, Dr. Al-Jasser pointed out that there are cooperative developmental efforts between the ISDB group and Egypt, affirming the ISDB's interest in financing prioritized governmental projects in Egypt and other African countries. Dr. Al-Jasser's statement mentioned that both sides discussed the framework document for the strategic partnership signed between the Egyptian government and the ISDB. This framework aims to align the government's strategic plans and developmental priorities with Egypt 2030's sustainable development strategy.
The ISDB was established as an international financial institution according to the founding agreement signed August 1974 in Jeddah, Saudi Arabia. The inaugural meeting of the Board of Governors was held in July 1975, and the Bank commenced its official activities in October 1975. Moreover, in 1975, the ISDB transformed into multiple groups that aim to support and finance the development of member countries. (end) ams.za