Egypt Independent

Islamic Development Bank promises major investments in Egypt

The Islamic Development Bank plans to invest US$3 billion into the Egyptian market over the next five years as it sees promise and many long-term investment opportunities there. The funds would come in the form of financing and investment. Over the past few years the bank has made investments in Egypt worth US$3 billion, of which US$1 billion came during the last year alone. The Islamic Bank increased its investments in Egypt after the 25 January revolution, at a time when several international institutions had doubts about investing in the nation. The bank’s main objective is to support development.

In economic flux, Islamic banking and finance are gaining ground

The past year and a half were marked by economic stagnation which has affected numerous businesses. However, some Egyptian Islamic investment banks have a vision on how to act in the new emerging order. For example, Ridge Islamic Capital, has found a niche in the finance sector and intends to capitalize on it. The portfolio of the investment bank includes Sharia-compliant investment banking, asset management and wealth management services. Their target market is, according to experts, primarily for Islamic finance.

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Islamic Development Bank to lend Egypt US$330 million

The International Islamic Trade Finance Corporation, which is affiliated with the Islamic Development Bank, is giving Egypt a loan worth US$1.2 billion in total. The loan aims to provide basic and strategic commodities. The second part of this loan, US$330 million, is being prepared by several local and regional banks. It is intended to be used for importing wheat and food commodities.

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