Egypt Aims to Increase Its Exports by up to 20 Percent

Published December 12th, 2018 - 07:04 GMT
Egypt Aims to Increase Its Exports by up to 20 Percent. (Shutterstock)
Egypt Aims to Increase Its Exports by up to 20 Percent. (Shutterstock)

Minister of Planning, Follow-Up and Administrative Reform Hala el Saeed said exports are vital for the Egyptian economy, adding that the government is seeking their increase from 15 to 20 percent annually.

The minister's remarks were made during her meeting with Governor of the Central Bank of Egypt Tarek Amer, the Council of Governors of the Islamic Development Bank (IsDB) and representatives of the IsDB's Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) led by the corporation's CEO Abdel Rahman al Kaissi, Director of Middle East and North Africa Morad Mizori and Regional Director Ali Mostafa.

Talks covered means of bolstering cooperation between the Egyptian government and the IsDB.

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The minister asserted the need for expanding the base of foreign currency, adding that a group of sectors are propelling the Egyptian economy such as industry, agriculture, communication, construction and others.

Meanwhile, Kaissi proposed increasing the ICIEC's investments in Egypt in view of its stability compared to the volatile regional situation. He also asserted his corporation's keenness to open up to the African market.

The two sides also probed encouraging the services sector in the countries which achieved a big leap in such field.

Kaissi congratulated the Egyptian minister on her appointment in the Council of Governors of the IsDB in August.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development (IDB) Group. ICIEC was established on 1st August 1994 as an international institution with full juridical personality.

The idea for the establishment of an entity to provide investment and export credit insurance for Islamic Countries originated from the Agreement for the Promotion, Protection and Guarantee of Investment among Member Countries of the Organization of Islamic Cooperation (OIC).


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