Egypt signed 13 agreements and memoranda of understanding with the Islamic Development Bank (IsDB) on the third day of the 47th annual meetings of the IsDB in Sharm El-Sheikh.

 

The agreements and MoUs were signed in most economic sectors to confront global challenges that are increasing pressure on developing countries.

 

One of the most prominent agreements was the International Islamic Trade Finance Corporation (ITFC) signing a framework agreement with Egypt worth $6 billion for boosting trade in the country.

 

Mohamed Abdel Wahed Soleiman, the managing director of Galina, a major producer, and exporter of frozen fruits and vegetables, and Ayman Sejiny, the CEO and General Manager of the Islamic Corporation for the Development of the Private Sector signed an MoU.

 

The MoU seeks to open new export markets in Egypt.

 

Another MoU was signed by Sejiny and the chief financial officer (CFO) of financial services provider Sarwa Capital Ayman El-Sawy.

 

The MoU seeks to develop and increase the issuance of sukuk, or sharia-compliant Islamic bonds, as a financing tool for the private and public sectors.

 

An MoU was also signed to promote the private sector’s role, issue sukuk, and finance small and medium enterprises in Egypt between the Islamic Corporation for the Development of the Private Sector represented by its CEO and general manager Ayman Sejiny, and the CEO of Abu Dhabi Islamic Bank (ADIB) Egypt Mohamed Aly.

 

Sejiny also signed an MoU with CEO of First Abu Dhabi Bank (FAB) Mohamed Abbas Fayed to promote the private sector’s role, issue sukuk, and finance small and medium enterprises in the country.

 

The signing of the agreements was attended by Egypt’s Prime Minister Moustafa Madbouli and Minister of Planning and Economic Development Hala El-Said.

 

El-Said referred to the orientations of the Egyptian state in the context of the external challenges and shocks facing the countries of the world.

 

She highlighted Egypt's success in the first phase of its economic reform program.