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Trade Minister participates in IsDB seminar on cushioning pandemic fallout
7 July 2020  -  Organization :  -  Sector/Entity :  -  Category : General

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The bank has allocated $2.3 billion as a strategic response package to support member states during this period.

Cairo- July 7, 2020

Minister of Trade and Industry Nevine Gamea  has taken part - via video conference - in the seminar held by the Islamic Development Bank (IsDB) Group on its response to the COVID-19 pandemic and its economic consequences.

The bank has allocated $2.3 billion as a strategic response package to support member states during this period. The package includes 3 tracks of immediate actions to promote South-South cooperation, especially in the vital sectors such as health care.

Egypt, she noted, cooperates with the group's private sector institutions, with financing operations amounting to about $9.6 billion; the latest of which was a $200-million funding for the General Authority For Supply Commodities (GASC) for the provision of staples during the Corona virus crisis.

"Cooperation between Egypt and the IsDB Group registered $12.8 billion through 338 projects in the sectors of energy, industry, mining, agriculture, health, social services, trade, import of strategic goods and education," Gamea said.

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