Al-Mashat reviews with the “Islamic Development” the electrical interconnection project between Egypt and Saudi Arabia

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Dr. Rania Al-Mashat, Minister of International Cooperation, reviewed the current situation of the projects that the Islamic Development Bank contributes to financing, especially the electrical interconnection project between the Arab Republic of Egypt and the Kingdom of Saudi Arabia, which aims to contribute to meeting part of the demand for electric power and improving the performance and stability of the network in the two countries. Which will lead to the connection of the two largest electrical systems in the Arab world with a total capacity of more than 90,000 megawatts.

This came during the meeting of Dr. Rania Al-Mashat, Minister of International Cooperation, with Mai Ali Babiker, Director of the Regional Office of the Islamic Development Bank Group, after assuming her duties in Cairo, within the framework of periodic meetings to follow up on developments in joint relations with multilateral and bilateral development partners, and to follow up on the joint development cooperation portfolio. In order to support the country’s development vision.

At the beginning of the meeting, Dr. Rania Al-Mashat, Minister of International Cooperation, welcomed the Regional Director of the Islamic Development Bank, wishing her success in her new position, and expressed her confidence that joint relations would witness further development and growth during the next stage by facilitating the process of obtaining approvals and procedures. The projects financed by the institutions of the Islamic Development Bank Group in Egypt.

The two parties also discussed ways to strengthen development partnerships in the areas of economic and social development, the National School Feeding Program and presidential initiatives in this regard, as well as prospects for cooperation with the Bank to implement the strategic axes of cooperation with the United Nations and its bodies and agencies, in addition to reviewing the work strategy of the Islamic Development Bank Group and the approach The Bank is to meet the needs of member countries, including Egypt. It was also agreed on a framework for coordination between the bodies and institutions of the Islamic Development Bank to support development cooperation.

Al-Mashat stressed the keenness of the Ministry of International Cooperation to intensify joint cooperation programs with the Islamic Development Bank Group during the coming period in light of the ambitious development plan implemented by the Government of the Arab Republic of Egypt to achieve the vision of sustainable development, which is consistent with the UN goals 2030.

The Minister of International Cooperation referred to the ministry’s strategy to advance the prospects for economic and development cooperation with multilateral and bilateral development partners, through economic diplomacy, through three principles, namely the platform for joint coordination cooperation, matching development financing with the UN goals for sustainable development, and the strategy of listing international participation, which is based on three Key factors, the citizen is the focus of attention, the ongoing projects, and the goal is the driving force, with the aim of documenting development stories and increasing public awareness of them and promoting them in international forums.

For her part, Mai Ali Babiker, Director of the Regional Office of the Islamic Development Bank Group, thanked the Minister of International Cooperation for the good reception, expressing her aspiration to continue communication and continuous coordination to enhance joint cooperation frameworks, in a way that supports the role of the Islamic Development Bank in implementing the priority development plans for Egypt. .

It is worth mentioning that the Islamic Development Bank was established in 1974 to meet the development needs of member states, and it includes major entities, namely the Islamic Corporation for the Development of the Private Sector, the Islamic Corporation for the Insurance of Investment and Export Credit, the International Islamic Trade Finance Corporation, and recently the World Endowment Authority joined.

Egypt is one of the largest member countries that benefit from the financing of the Islamic Development Bank Group, as the total number of projects that the Islamic Development Bank Group contributed to financing in the Arab Republic of Egypt amounted to 344 projects in several sectors, including electricity, energy, agriculture, irrigation, education, health, industry, mining, information and communications, with total financings amounting to About 14 billion dollars.

The article “Al-Mashat” reviews with the “Islamic Development” the electrical interconnection project between Egypt and Saudi Arabia, which was written in Al Borsa newspaper.