Egypt, ICD discuss joint cooperation in economic projects, sukuk issuance

Published 07 Jul,2021 via Daily News Egypt - Egypt’s Minister of Finance Mohamed Maait has met with Ayman El-Seginy, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), to discuss joint cooperation opportunities in economic projects and sukuk issuance.

Maait stressed that the Egyptian government attaches great importance to encouraging the private sector to expand its participation in the comprehensive and sustainable development process.

This was reflected in the state’s efforts over the past years to improve the country’s infrastructure, including roads and energy sources, to create an attractive climate for private sector investments. The government aims to make these a major driver of the economic growth process in Egypt.

Maait added that the Egyptian government is keen to maximise opportunities for cooperation with the ICD in many economic projects in accordance with best practices. This is in addition to benefiting from the organisation’s expertise in studying the issuance of sukuk, in a way that contributes to attracting segments of new investors.

For his part, El-Seginy expressed his appreciation for the Egyptian government’s efforts to push the wheels of growth, and provide a supportive climate for investment. He applauded Egypt’s efforts to provide the private sector with the opportunity to participate in development projects.

El-Seginy also expressed his appreciation for Egypt’s issuance of the Islamic Sukuk Law, which will attract a new type of investors to finance development in Egypt.

He stressed that he is looking forward to enhancing ways of joint cooperation in the fields adopted by the corporation, and providing financial advisory services to the Egyptian Government and the private sector.

These will focus on the establishment, development, and modernisation of private enterprises and financial markets, providing technical support for partnership projects between the public and private sectors, and providing the necessary funding to support micro, small, and medium enterprises (MSMEs).

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