The IsDB Group announces the official launch of the Private Sector Forum “PSF”

  • Dr. Muhammad Al Jasser: During the forum, 50 agreements must be signed and 20 events organized. The forum includes 100 speakers, 55 exhibitors and 1,500 attendees.
  • Dr. Hala El-Said: Egypt created the Sovereign Wealth Fund of Egypt (TSFE) to attract the private sector.

The Islamic Development Bank (IDB) Group has announced the official launch of the Private Sector Forum (PSF) in cooperation with the Egyptian Ministry of Planning and Economic Development, on the sidelines of the IDB Group’s annual meetings. The meetings are hosted by the Arab Republic of Egypt from June 1 to 4, 2022 at the Sharm el-Sheikh International Convention Center. The session was opened by HE Dr. Muhammad Al Jasser, President of the IDB Group, and HE Dr. Hala El-Said, Egyptian Minister of Planning and Economic Development.

Dr. Al Jasser said the forum includes 20 events, over 100 speakers, 55 exhibitors and 1,500 attendees. He said he will witness the signing of more than 50 agreements, as well as a working session on the Suez Canal Economic Zone, a giant infrastructure project that has boosted Egypt’s trade position in the world. The events also include another session devoted to the presentation of partnership projects in Egypt, Jordan, Bangladesh and Pakistan. Dr. Al Jasser explained that cooperation between the public and private sectors is an economic pillar in IsDB member countries and is extremely crucial.

“The Group pays great attention to supporting joint cooperation among member countries, especially the private sector,” he said. He also explained that the Islamic Corporation for the Development of the Private Sector has financed about 505 projects worth $7.1 billion in various sectors. Since its establishment in 1994, the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) has realized nearly 88 billion dollars, including exports and imports of 48 member countries. The International Islamic Trade Finance Corporation (ITFC) provided $61 billion in energy imports and $707 million to small and medium-sized enterprises (SMEs) and the private sector in 2021.

Al Jasser stressed that the group looks forward to the publication of recommendations that live up to the expectations of all parties concerned. The Group will keep an eye on the results of the forum to contribute to each event and implement all the recommendations aimed at strengthening trade and exchange investments, with the aim of achieving development and establishing partnerships among Member States. .

His Excellency Dr. Hala El-Said expressed his joy that Egypt is hosting the IDB Group Forum for the first time in 30 years. “The world has witnessed the COVID-19 crisis, and before it recovered, it was already facing the challenges of the current geopolitical crisis which has affected all countries of the world, including the member countries of the Group from the IDB,” El-Said added.

She stressed the importance of supporting the private sector as a key development partner.

The minister revealed that the Egyptian government launched economic reform measures in 2016 based on three trends, namely, financial, monetary and the creation of infrastructure to attract the private sector. She pointed out that investments in infrastructure in recent years have been aimed at improving the quality of life of Egyptians and attracting the local and foreign private sector. She noted that the reform process is ongoing and constantly developing according to each stage.

She also explained that Egypt had established the Egyptian Sovereign Fund for Investment and Development for the first time. IIt is primarily aimed at attracting greater private sector participation and seizing opportunities that attract the private sector. Moreover, a few days ago, the State announced that it would withdraw from several sectors and offer them to the private sector.

-Ends-

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