14.06.2011, Jeddah, KSA – At a signing ceremony in the presence of the Egyptian Prime Minister, Dr. Essam Sharaf, H.E. Dr Ahmad Mohamed Ali declared the Islamic Development Bank Group’s intention to provide a 3-year US$ 2.5 billion package for financing development projects, export and import insurance as well as private sector development plans in Egypt. A number of financing agreements were signed by the President, IDB Group, with high ranking ministers witnessed by the Prime Minister including US$ 60 million equipment leasing agreement for 650 Megawatt power plant at Suwais, US$ 300,000 technical assistance agreement for an Arabic learning educational center for non-Arabic speakers, and US$ 160,000 technical assistance grant for preparing and developing micro-financing projects.
The high profile agreements inked during the visit are expected to play instrumental roles in national development and boost economic, scientific and cultural ties between Egypt and other communities in various parts of the globe. The micro-financing agreement, in particular, aims to promote the living standards of the unemployed especially in the provinces of Suhaj, AlMenia, Asyut and Al-Qlyubiah in Egypt.
After the signing ceremony, Dr. Ali had a meeting with the Grand Imam of Al-Azhar Mosque, Dr. Ahmed el-Tayeb, during which, IDB’s role as an Islamic development institution in upgrading development efforts in the Islamic World was explained.
Cooperation between Egypt and the IDB Group has grown considerably in recent years. So far, the cooperation in the fields of health, agriculture and irrigation, finance and power generation stands at nearly US$ 3.2 billion. Egypt is a founding member and one of the eight major share holders of IDB with 7.1% of the share capital.