The Islamic Development Bank’s funding portfolio in Egypt has reached a staggering $22 billion, as confirmed by Egypt’s Minister of Planning and Economic Development, Hala El-Said.
In a recent interview with Al-Sharq on the sidelines of the bank’s group meetings in Riyadh, El-Said highlighted that the funds are distributed across 395 diverse projects spanning sectors such as electricity, infrastructure, and transportation.
El-Said also noted that the bank’s affiliated institutions, including the Trade Finance Corporation and the Private Sector Support Foundation, are financing various projects that bolster these sectors in the Arab Republic. This support has significantly contributed to a 20% increase in Egyptian exports, which now total $52 billion.
In a statement made in February, El-Said described the Islamic Development Bank as a “forefront strategic development partner for Egypt,” with a cooperation portfolio previously valued at $20.72 billion.
Regarding the government buildings in downtown Cairo, El-Said mentioned that the government has contracted several investment banks to begin their evaluation.
Upon completion of this assessment, a competitive bidding process will be initiated, expected to commence within two months at most.
El-Said further revealed plans for future projects, including the establishment of Egypt’s first industrial fund under the Sovereign Fund of Egypt, although specific details were not disclosed.
The government’s initiatives to leverage its assets come at a time when Egypt’s foreign currency reserves are increasing following the floatation of the exchange rate and substantial UAE investments in the Ras Al-Hikma region, coupled with the resurgence of foreign investment in Egyptian debt instruments.
Previously, El-Said disclosed to Al-Sharq that the government had already received seven international bids from global hotel chains interested in utilizing these government buildings.
She explained that the Tahrir Complex has been converted into hotel apartments, while the old Ministry of Interior building will be transformed into a hub for creativity and entrepreneurship, including additional hotel rooms.
El-Said emphasized the significant shift of numerous assets into hotel rooms in partnership with the private sector, anticipating Egypt’s need for an additional 35,000 hotel rooms over the next two years.
