The Egyptian Minister of International Cooperation, Sahar Nasr, stated that the ministry is in talks with the Islamic Development Bank (IDB) to secure funds for the Egyptian General Petroleum Corporation (EGPC) to import petroleum derivatives, reported Al Borsa. Nasr added that Egypt had signed a previous agreement with the bank to finance oil imports and the agreement is still valid.
Egyptian President, Abdel Fattah El Sisi, has tasked Nasr with the responsibility of securing required funds for social security projects. El Sisi and Nasr met in mid-October to discuss the necessity of proceeding with development projects and social protection programs, especially in areas like Port Said and Sinai. They reviewed methods to guarantee that the government use funds collected from international institutions for the betterment of Egyptian citizens in various sectors.
Accordingly, Nasr is arranging with different global financial institutions to support Egypt’s economic reform strategy, which the government will start implementing in the upcoming period.