Cairo, Egypt, 07.08.2012 – Egyptian President Dr. Mohamed Morsi, received at his office in Cairo on Tuesday, President of the Islamic Development Bank (IDB), Dr. Ahmad Mohamed Ali, on a first official visit to the country after the presidential elections and formation of the new cabinet.

The IDB President briefed the Egyptian President on the activities of the IDB in Egypt underlining the Bank’s keenness to further develop the existing relations.

The Egyptian President commended the development role of the IDB in Egypt and stated his country’s willingness to enhance ties with it as a genuine economic development partner.

The IDB president also held meetings with the Prime Minister Dr. Hesham Qandil, the Minister of Finance, the Minister of Planning and International Cooperation as well as the Governor of the Central Bank where partnership between Egypt and the Bank and the role of such cooperation in supporting economic programs in the country were discussed.

It is worth mentioning that since its inception, the IDB Group has approved nearly US$ 6.5 billion including US$ 1.2 billion project financings. Of these, the energy sector received 57 per cent of the project financings followed by industry, mining, finance and agriculture.