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Egypt signs two agreements with IDB

Cairo, Egypt signed today two agreements with the Jeddah-based Islamic Development Bank, the first dealing with building a regional headquarters in Cairo for the Islamic Development group and the second with strategic cooperation between Egypt and the bank over the period from 2019 through 2021 to implement developmental projects worth around $3billion.

Dr. Sahar Nasr, Minister of Investment and International Development, signed for Egypt, while Dr.Bandar bin Mohammed Hajjar, President of IDB, signed for his organization, in the attendance of Egypt's Prime Minister Dr. Mustafa Madbouli.

In a press conference following the signing ceremony, Dr. Hajjar said the countries to benefit from the new Cairo-based headquarters include Jordan, Syria, Iraq, Lebanon, Sudan and Palestine in addition to host Egypt, adding that the objective is to adopt decentralization, upgrading of efficiency, reducing of spending, ameliorating of quality and quick-responding of the beneficiary countries.

Source: Saudi Press Agency

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