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Sunday, 9 October 2016

International Cooperation Ministry, Islamic Development Fund sign MoU to fund infrastructure

Infrastructure funding arrangements in the works? International Cooperation Minister Sahar Nasr has signed an MoU with the Islamic Corporation for the Development of the Private Sector (ICD) to fund infrastructure projects under a PPP framework, Al Mal reported. Separately, the Islamic Development Bank (IDB), which owns the ICD, will be sending a delegation to Egypt in December to look into a strategic partnership with particular focus on infrastructure development, employment opportunities and capacity development. The IDB is also considering launching an investment fund to finance SMEs in Egypt, as well as opening an office in Egypt at the start of 2017. Nasr and Finance Minister Amr El Garhy also discussed funding infrastructure development projects at a meeting with a delegation from the Asian Infrastructure Investment Bank on the sidelines of the bank’s annual meeting in Washington DC, Al Mal reported. Egypt has recently paid its USD 650 mn share in the bank’s capital, Nasr said.

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