Cairo – Mubasher: The Islamic Corporation for the Development of the Private Sector (ICD), an arm of the Islamic Development Bank Group (IsDBG), has invested around $230 million in several sectors in Egypt, ICD’s CEO said on Sunday.

The ICD has invested around $75 million in Egypt’s food industry sector and about $75 million in Benban solar power project, Ayman Sejiny added in a statement to the Egyptian investment ministry.

Moreover, the major private sector arm of IsDBG has set up a financial leasing company in partnership with the Arab Investment Bank and AYADY for Investment and Development, according to the statement.

Sejiny remarked that the ICD has lent Banque Misr a $25 million loan under a $350 million facility, as well as it funded the oil and gas company Advanced Energy Systems (ADES Egypt) with around $20 million.

This came during a meeting between Egyptian investment and international cooperation minister Sahar Nasr and Ayman Sejiny on the sidelines of the World Bank Group’s 2019 spring meetings in Washington.

Both parties discussed the possibilities of maintaining further investments in Egypt’s infrastructure sector under a partnership between the public and private sectors.

This will help to boost financing in major infrastructure, education, and renewable energy projects, in addition to injecting investments in Eastern Company for Sugar Industry (Noran) over the coming period, the ministry added.

For her part, Nasr highlighted major investment opportunities in Egypt, including the Suez Canal Corridor Area, the New Administrative Capital, and New Alamein.