The Islamic Corporation for the Growth of the Private Sector (ICD) has inked a new $120 million initiative to accelerate private sector-led development in Egypt through 2023. The proposal includes increasing credit lines for Egyptian financial institutions totaling $80 million to boost small and medium enterprises. H.E. attended the signing ceremony, as did other high-ranking government officials. Dr. Hala Al-Said, Egypt’s Minister of Planning and Economic Development and Governor of the Egyptian Islamic Development Bank, and H.E. Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, and H.E. Dr. Rania Al-Mashat, Minister of International Cooperation.
The program intends to promote private-sector-led growth and involves increasing loan lines for Egyptian financial institutions totaling $80 million to boost private-sector organizations. The ICD will also provide $40 million in funding for private sector firms and infrastructure projects. This new initiative represents a significant advancement in the ICD’s commitment to Egypt’s private sector and serves as a ray of optimism for the country’s economy. The ICD’s investment in the private sector will create new possibilities, drive growth, and provide the country with a much-needed lift.