The Islamic Development Bank (IsDB) is developing a new cooperation strategy with Egypt worth USD 3 bn for 2018-2020, President Bandar Hajjar told Investment Minister Sahar Nasr. Hajjar and Nasr discussed setting up a branch for IsDB in Cairo and to increase its support of projects in Egypt, besides promoting entrepreneurship and innovative projects through investing in Egypt Entrepreneurship Program. On the sidelines of her trip to attend the World Bank’s annual fall meetings, Nasr also met with Abdel Latif Yousif Al Hamad, chairman of the Arab Fund for Economic and Social Development, as well as President of the Kuwait Fund for Arab Economic Development Abdulwahab Al Bader.

…Also in Washington, Finance Minister Amr El Garhy met with representatives from JP Morgan, according to a ministry statement. El Garhy noted that Egypt’s reform program has garnered the support of the international investment community. He added that tourism, manufacturing, and government investments are expected to bolster the Egyptian economy in the upcoming period. He also told investors from BNP Paribas in Washington that Egypt is looking to achieve and sustain a primary budget surplus of 1-2% in the future.

Meanwhile, Nasr discussed the disbursal of USD 150 mn as part of an agreement with the UK Department for International Development (DFID) signed in March, with DFID head Nick Dyer. The funding will go towards supporting the economic reform program. The agreement also included USD 18 mn in provisions for the social safety net, according to a ministry statement.

Nasr also met with HSBC Global Banking & Markets CEO Samir Assaf and HSBC MENA Region head George Elhedery to discuss expanding the bank’s presence in Egypt.