The IsDB announced the news about the regional office during the sidelines of the group's 2022 annual meetings. This year marks Egypt’s first time hosting the meetings since 1991
Egypt will be hosting the Islamic Development Bank Group’s (IsDB) first regional headquarters, adding to the group’s branches across several countries around the world.
The IsDB announced the news about the regional office during the sidelines of the group's 2022 annual meetings. This year marks Egypt’s first time hosting the meetings since 1991.
"The establishment of a regional headquarter for the Bank Group in Egypt is part of our keenness to reinforce cooperation and coordination with development partners, as well as to establish strong partnerships with the private sector and civil society institutions to mobilize the necessary resources that support development efforts in Egypt and the Arab countries," said President of the IsDB, Muhammad Al Jasser.
IsDB aims to promote partnerships between governments and the private sector to enhance the developing countries' economies by finding solutions to the challenges facing development and achieving the United Nations’ Sustainable Development Goals (SDGs).
Fifty-seven countries are participating in the meetings alongside representatives from international financial institutions, including the International Monetary Fund and the World Bank, with the aim to discuss economic, financial and development issues of common interest.
"Egypt takes pride in the fruitful cooperation and development partnership with the Bank Group, which has been spanning for nearly five decades, during which this strategic partnership resulted in a cooperation portfolio of more than $17 billion [as of the end of March 2022]," said Minister of Planning and Economic Development Hala El-Said, who is also Governor of Egypt at the IsDB Group.
During the meetings’ first session yesterday, participants emphasized the importance of leveraging private sector investment, especially foreign direct investments (FDIs), to finance both climate action and digital transformation.
The IsDB meetings are set to conclude on June 4, and will include the 47th annual meeting of the IsDB’s Board of Governors, the 29th annual meeting of the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the 15th annual meeting of the Board of Governors of the Islamic Solidarity Fund for Development (ISFD), the 22nd General Assembly of The Islamic Corporation for the Development of the Private Sector (ICD), and the 17th General Assembly of the International Trade Finance Corporation (ITFC).
