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Islamic Development Bank finances projects in Egypt worth $388 million

February 17, 2014 at 1:50 am

The Islamic Development Bank has signed agreements to finance a number of projects in Egypt valued at $388 million. The bank’s President, Dr. Ahmad Mohamed Ali, arrived in Cairo on Sunday, to meet Egyptian officials and sign cooperation agreements.

Dr. Ali said that he is glad to be visiting his “second country”, Egypt. “I am here at the invitation of the Grand Imam of Al-Azhar, Sheikh Ahmed al-Tayeb, the Governor of the Islamic Development Bank in Egypt and the Minister of Finance,” he told the local media. “The purpose of the visit is to sign project agreements agreed by the IDB’s Council of Ministers.”

During his visit, Dr. Ali will attend the opening of an Institute for Teaching Arabic to Non-native Speakers at Al-Azhar University, as well as a University Hospital funded by the bank.

Speaking on behalf of the Egyptian government, Minister of Finance Dr. Al-Mursi Hijazi welcomed Dr. Ali and conveyed Egypt’s thanks for the efforts made by the IDB to look after human development and infrastructure projects in the country. “Egypt is active in the bank’s work in training people from Africa in development,” said Dr. Hijazi, “and we look forward to a promising future in our cooperation with the IDB.”