ICD Launches $100M Program to Boost Egypt’s Private Sector Growth and Economic Development

The 2025 Country Work Program outlines a multifaceted strategy to enhance the private sector’s contribution to Egypt’s GDP and overall economic resilience.


Devdiscourse News Desk | Cairo | Updated: 05-02-2025 20:46 IST | Created: 05-02-2025 20:46 IST
ICD Launches $100M Program to Boost Egypt’s Private Sector Growth and Economic Development
A major highlight of the program is ICD’s commitment to providing advisory services and technical expertise in the sukuk sector. Image Credit: ChatGPT
  • Country:
  • Egypt Arab Rep

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDB), has formalised a groundbreaking partnership with Egypt by signing the 2025 Country Work Program, aimed at strengthening the nation’s private sector, promoting financial inclusion, and driving sustainable economic growth.

The signing ceremony, held in Cairo, was attended by top Egyptian officials, including:

  • HE Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Governor of Egypt at the Islamic Development Bank.
  • HE Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development, Minister of Industry and Transport.
  • HE Dr. Sherif Farouk, Minister of Supply and Internal Trade.

The agreement was officially signed by Engineer Hani Salem Sonbol, Acting CEO of ICD, who highlighted the organisation’s ongoing commitment to driving Egypt’s economic transformation through targeted investments, innovative financing, and capacity-building initiatives.

A Comprehensive Vision for Private Sector Empowerment

The 2025 Country Work Program outlines a multifaceted strategy to enhance the private sector’s contribution to Egypt’s GDP and overall economic resilience. Key components of the program include:

  • Direct financing and investments: With a particular focus on critical sectors like industry, infrastructure, energy, and agriculture.
  • Financial inclusion initiatives: Providing lines of finance to Egyptian banks to empower small and medium-sized enterprises (SMEs).
  • Promoting Islamic finance: Leveraging Islamic financial instruments, such as sukuk, to raise capital and attract international investment.

The ICD’s approach seeks not only to inject significant funding into Egypt’s economy—up to $100 million in new financing—but also to foster long-term financial sustainability by enhancing the private sector’s capacity to access diverse funding sources.

High-Level Endorsements from Egyptian Leaders

HE Dr. Rania Al-Mashat, Minister of Planning, praised the continued success of the partnership between Egypt and the ICD, stating:

“The 2025 Country Work Program builds on years of fruitful collaboration, focusing on strengthening the private sector’s role in driving growth. By allocating $100 million in funding to financial institutions and strategic private sector players, this program will boost key industries, enhance GDP contribution, and support the government’s structural reform agenda.”

HE Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development, also emphasised the importance of the ICD’s involvement:

“The ICD has consistently demonstrated its vital role in empowering member countries of the OIC. By providing innovative financial solutions, it has helped stimulate growth, create jobs, and enhance the competitiveness of SMEs. Through this new program, we aim to foster entrepreneurship, drive sustainable economic growth, and strengthen Egypt’s position in regional and international markets.”

Expanding Access to Sukuk and International Investment

A major highlight of the program is ICD’s commitment to providing advisory services and technical expertise in the sukuk sector. This includes:

  • Supporting the issuance of foreign currency sukuk to attract international investors.
  • Raising awareness about the benefits of Islamic financial instruments for development.

By doing so, the ICD will help Egypt diversify its funding sources, improve financial flexibility, and further integrate into global capital markets.

Eng. Hani Salem Sonbol, Acting CEO of ICD, explained:

“Our goal is to deepen our partnership with Egypt, strengthening the capacity of its private sector and financial institutions. We are proud to support the Egyptian government’s development plans, and our expertise in sukuk issuance and financial advisory will attract new international investments to bolster economic growth.”

Regional Trade and Development: The Arab-African Trade Bridges (AATB) Program

As part of its broader vision, ICD will continue to support the Arab-African Trade Bridges (AATB) Program, an initiative aimed at:

  • Increasing cross-border investments and trade among OIC member states.
  • Enhancing economic ties between Egypt and other countries in the region.

A Legacy of Impact in Egypt

Since its establishment, the ICD has delivered $315 million in financing to Egypt, supporting a range of projects in:

  • Energy: Facilitating investments in renewable energy and power generation.
  • Food and agriculture: Strengthening the country’s agricultural supply chain and food security.
  • Industry and manufacturing: Promoting industrial development and job creation.

These contributions have significantly advanced Egypt’s economic development, spurred private sector growth, and created thousands of employment opportunities.

A Catalyst for Sustainable Growth and Financial Innovation

The 2025 Country Work Program reflects the ICD’s long-term commitment to empowering Egypt’s private sector, expanding financial inclusion, and fostering an environment of innovation and entrepreneurship. With strategic investments, advisory services, and a focus on SMEs, the ICD aims to position Egypt as a regional leader in sustainable economic development.

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