Egypt’s cooperation portfolio with IsDB reaches $26bn: Planning minister

Ahmed Rostom, Minister of Planning and Economic Development and Egypt’s Governor at the Islamic Development Bank (IsDB) Group, met with a delegation from the bank headed by Noureddine Mabrouk, Director of the Group’s Regional Office in Cairo, to discuss preparations for a new country partnership strategy covering 2027-2031.

The meeting also addressed ways to expand areas of cooperation to support Egypt’s development efforts, empower the private sector and strengthen innovative financing mechanisms.

At the outset, Rostom commended the pivotal role played by the IsDB Group as a partner to the Egyptian government in financing trade flows, providing strategic commodities and offering diverse mechanisms to support the private sector. He stressed the government’s commitment to continuing this close cooperation in a manner that meets the requirements of the current phase.

Rostom noted that the cooperation portfolio between Egypt and the bank had reached approximately $26bn, reflecting the strength and depth of their development partnership.

The Minister of Planning and Economic Development said preparations for the National Economic Transformation Programme were being finalised, with the state seeking to consolidate the foundations of reform, resilience and comprehensive development.

He added that the programme focuses on vital sectors across the productive and services economies, including manufacturing, telecommunications and information technology, energy, tourism and agriculture. Its objectives include increasing these sectors’ contributions to GDP, raising employment rates and strengthening export capabilities to attract further investment.

As part of efforts to diversify financing instruments, Rostom also reviewed the latest developments in the infrastructure project financing guarantee mechanism, which the government is working to develop in cooperation with the World Bank Group and other international institutions.

He invited the IsDB to join the mechanism, which aims to provide long-term local-currency financing, reduce investment risks in infrastructure projects and establish an innovative partnership-based approach between international institutions and the state.

For his part, Mabrouk stressed the longstanding historical ties between the IsDB and Egypt, which have resulted in the implementation of pioneering development and trade programmes.

He noted that the bank had recently approved a new strategy to support its member countries, adding that intensive discussions were underway with the Egyptian side to formulate the 2027-2031 Country Partnership Strategy in alignment with the country’s future national priorities.

Mabrouk explained that the new strategy builds on the successes achieved over previous years to ensure continued effective cooperation in education, healthcare, financing imports of essential commodities and petroleum products, and supporting strategic projects in the water and energy sectors.

He stressed that the ongoing consultations are primarily focused on directing financing towards sectors that deliver a positive and direct impact on citizens’ quality of life.