By Islamic Development Bank (IsDB)
Cairo, Egypt, 28th of May 2022 – The Islamic Development Bank (IsDB) Group affiliated entities are to hold their 2022 Annual Meetings in Sharm El-Sheikh, Egypt, from 1-4 June 2022, under the theme of: “Beyond Recovery: Resilience and Sustainability.” These meetings come under the umbrella of “The 47th Annual Meeting of the Board of Governors of the Islamic Development Bank”.
On the occasion, H.E. Dr. Hala El Said, Egypt’s Minister of Planning and Economic Development and IsDB Governor for the country, has underlined the importance of the strategic partnership between the Arab Republic of Egypt and the IsDB Group and its entities in a way that all relevant stakeholders achieve development and economic growth.
She noted that IsDB’s Group’s private sector development arm – the Islamic Corporation for the Development of the Private Sector (ICD) – plays a leading role in its mandate through direct financing operations, offering asset management, encouraging cross border investments, developing Islamic capital markets, and providing financial advisory services.
She also expressed her keenness to facilitate the cooperation between the Bank and the Sovereign Fund of Egypt with the aim of achieving the country’s development goals, thus creating wealth for future generations.
Minister El Said pointed out that IsDB Group’s investment insurance arm – the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) – plays an important role in supporting Egyptian investors and exporters. It amplifies the entity’s activities and services in Egypt while setting up a lasting mechanism for the promotion process, to attract incoming foreign investments and provide opportunities for Egyptian exports to enter foreign markets. ICIEC has so far provided relevant insurance coverage for US$7.35 billion worth of businesses in Egypt, including covering operations related to imports and exports, credit services on exports and securing foreign investments, making Egypt among the first ten countries that benefit from ICIEC’s insurance services.
H.E. Minister El Said also praised IsDB Group’s international trade finance arm – the International Islamic Trade Finance Corporation (ITFC) – for integrating its efforts with Egypt’s initiatives that support and empower women economically. Moreover, she underscored ITFC’s cooperation with the Ministry of Trade and Industry in preparing a proposal aimed at supporting and developing the capabilities of women working in the field of traditional handicrafts, as well as increasing their ability to export abroad. This is all thanks to ITFC’s foreign trade and institutional support, in addition to the constructive cooperation in Egypt’s second annual program within the Arab-African Trade Bridges Program (AATB), which is managed by ITFC, through organizing a number of exhibitions in Africa within the framework of facilitating Egyptian exports to African markets and in line with Egypt’s strategy in the same field.
The IsDB Group 2022 Annual Meetings in Sharm El Sheikh come in response to an invitation from the Arab Republic of Egypt, with an aim to enhance cooperation together and consolidate economic relations amongst IsDB Group member countries. Representatives from international and regional financial institutions, Islamic banks, national development finance institutions, business associations, and consultants from member countries are attending the activities preceding the meetings.
The meetings mainly comprise: “the 29th Meeting of the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)”, “the 22nd General Assembly of the Islamic Corporation for the Development of the Private Sector (ICD)”, and “the 17th Meeting of the Board of Governors of the International Islamic Trade Finance Corporation (ITFC)”.
Mr Oussama Abdul Rahman Kaissi, Chief Executive Officer of The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), stressed that the corporation aims to enhance commercial transactions in its member countries and facilitate the flow of foreign direct investments to them.
He added: “In order to achieve its objectives, ICIEC provides credit solutions to cover political and commercial risks, in addition to insurance and reinsurance solutions that enhance credit, in accordance with the provisions of Islamic Sharia.”
Mr Kaissi also referred to ICIEC’s solid relations with Egypt, underpinning the readiness of the Corporation to support the Egyptian economy, in line with Egypt Vision 2030 and its endeavours to achieve sustainable development goals.
For his part, Mr Ayman Amin Sejiny, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), stated that the Corporation plays a vital, complementary role in implementing IsDB and the international financial institutions’ activities that take place within the member countries, pointing out that Egypt has been acquiring a long history and an extended relationship with the Bank and its affiliated institutions since 1974, which has resulted in a Group cooperation portfolio of more than US$16 billion.
Additionally, he clarified that the corporation attaches primary importance to working on establishing, expanding, and modernizing the private sector through financing projects of a myriad of companies, along with other Small and Medium Enterprises (SMEs), and those projects get evaluated as per their contribution to the economic development; via creating job opportunities and thus facilitating the achievement of the UN Sustainable Development Goals (SDGs).
Mr Sejiny concluded: “ICD also provides advisory services to governments and private sector institutions, abiding by certain policies that raise the efficiency of operations and develop capital markets with the adoption of best management practices. ICD also works to establish and strengthen partnerships, with the aim of establishing joint funding, as we are keen on applying Fintech to ensure financial inclusion.”
On the occasion, Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC), stated: “ITFC is a strategic partner for development in Egypt and will continue to provide integrated commercial solutions that meet the needs of the Arabic Republic of Egypt in vital sectors.”
A number of significant events, including the Business Forum for the Private Sector and a number of major events related to the preparation of the 27th session of the Conference of the Parties (COP27), to the United Nations Framework Convention on Climate Change slated for November 2022, the green economy, achieving sustainable growth and other international issues, will also be taking place on the sidelines of the IsDB Group 2022 Annual Meetings.