Egypt’s Minister of Planning and Economic Development and Governor at the Islamic Development Bank (IsDB), Ahmed Rostom, has called for the adoption of an integrated development financing model. He proposed linking concessional financing with technical support, institutional capacity building, and knowledge transfer among member states.
Delivering Egypt’s official address on Friday at a high-level roundtable meeting of the IsDB Board of Governors, Rostom noted that global economic and geopolitical disruptions over the past four years have significantly widened the Sustainable Development Goals (SDGs) financing gap. He highlighted the urgent need to develop more efficient, crisis-responsive financial instruments during the event, which took place on the sidelines of the IsDB annual meetings hosted by Azerbaijan in Baku under the auspices of President Ilham Aliyev.
Rostom outlined Egypt’s strategic vision for prioritizing the IsDB Concessional Financing Fund across three distinct phases: supporting sectors most severely affected by fuel, food, and fertiliser price hikes to protect vulnerable populations, in addition to assisting member states in recovering economic momentum by boosting production, employment, and intra-trade.
The minister concluded by stressing that sustainable development requires combining financial backing with institutional reforms, calling for innovative partnerships to enable the IsDB to secure a more prosperous future for its 57 member states.
In a related meeting, Rostom met with Pradeep Kurukulasuriya, Executive Secretary of the United Nations Capital Development Fund (UNCDF), to discuss expanding cooperation between Egypt and the United Nations. The talks focused on financial innovation, sustainable infrastructure financing, and developing mechanisms to mitigate credit risks for infrastructure projects.
The minister also discussed ongoing cooperation with the World Bank to activate financing and guarantee mechanisms. These efforts aim to secure long-term funding for infrastructure projects and strengthen public-private partnerships (PPPs).
Minister Rostom attended the signing of a guarantee agreement by the IsDB in support of SAMCO, a leading Egyptian construction firm implementing major development projects across Africa.
He stated that the agreement reflects Egypt’s firm commitment to supporting national companies, aiding their regional expansion, and exporting Egyptian infrastructure and construction expertise to African and Middle Eastern markets.
