Egypt is Third Largest Beneficiary of IsDB Funds, Amounting to USD 12.7 Billion: Planning Minister

Egypt ranks third out of the top ten countries benefiting from funds from the Islamic Development Bank (IsDB) Group, with a total of USD 12.7 billion in funding received between August 2018 to December 2020, according to Hala El-Said, Minister of Planning and Economic Development, as reported in local media.

El-Said, who is also Egypt’s Governor at IsDB, stated that Egypt had secured USD 12.7 billion from IsDB to finance 338 projects, out of which 287 projects valued at USD 9.7 billion had already been completed, with 51 more ventures worth USD 3 billion still in the pipeline.

According to El-Said, Egypt was one of IsDB’s founding members, and was the bank’s seventh largest contributing country, making up 7.07% of IsDB’s capital subscription,...