The Islamic Corporation for the Development of the Private Sector (ICD) has signed a new program worth $120 million for the year 2023 to propel private sector-led development in Egypt.The program includes expanding credit lines for financial institutions operating in Egypt, worth a total amount of $80 million to support private sector companies, particularly small and medium enterprises.

The ICD will also provide financing for private sector companies and infrastructure projects, worth a total value of $40 million.

This is seen as a major step towards driving economic growth in Egypt’s private sector after the ICD signed a new program worth $120 million for the year 2023. 

The signing ceremony was graced by high-ranking government officials, including Dr. Hala Al-Said, Minister of Planning and Economic Development and governor of Egypt at the Islamic Development Bank, Tarek El Molla, Minister of Petroleum and Mineral Resources, and Dr. Rania Al-Mashat, Minister of International Cooperation.

The program, which aims to propel private sector-led development, includes expanding credit lines for financial institutions operating in Egypt, worth a total amount of $80 million to support private sector companies, particularly small and medium enterprises. 

The ICD will also provide financing for private sector companies and infrastructure projects, worth a total value of $40 million.

This new program marks a significant step forward in the ICD’s commitment to Egypt’s private sector and serves as a beacon of hope for the country’s economy. 

The ICD’s investment in the private sector will create new opportunities, spur growth and provide a much-needed boost to the country’s development.