On 01/01/1973 , Islamic Development Bank (IDB) has started to cooperate with Egypt.
IDB Group was established in 1973. It includes five entities: The Islamic Development Bank (IDB), the Islamic Research and Training Institute (IRTI), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD) and the International Islamic Trade Finance Corporation (ITFC). It includes 56 state members.
IDB headquarter is located in Jeddah, Saudi Arabia and it has four regional offices in: Rabat (the Capital of Morocco), Kuala Lumpur (the Capital of Malaysia), Almaty (a city in Kazakhstan) and Dakar (the Capital of Senegal).
IDB’s authorized capital amounts to 30b Islamic Dinars and its issued capital amounts to 18b Islamic Dinars. Saudi Arabia is considered the largest shareholder, while Egypt owns 357.965 shares, representing 7. 08% and is considered the 7th largest shareholder.
Current cooperation portfolio with IDB includes 19 projects worth a total amount of USD 2.3b in addition to a Resale Agreement worth USD 3b between ITFC and the Egyptian General Petroleum Corporation (EDPC) for financing exportation of petroleum products.
Latest aspects of cooperation :
- Coordination is underway to delegate a mission in order to design the new cooperation strategy.
- A workshop will be held to monitor the implementation of the projects financed by IDB in late November.