We look forward for more comprehensive phase in our relationship with the Islamic Development Bank to promote economic development, food security, and human development efforts.

We appreciate the strategy's focus on empowering countries, expanding partnerships, and utilizing Islamic finance tools to serve comprehensive and sustainable development.

We are working to deepen cooperation with the IsDB to make more innovative financing tools available for domestic and foreign private sectors in Egypt.

"The development financing window enhances South-South cooperation and supports the bank's role in assisting least developed countries.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the Islamic Development Bank (IsDB), participated in the IsDB Group's Annual Meetings in Algeria, held from May 19 to 22.

The meetings saw the approval of the bank's new ten-year strategy for the period 2026-2035, as well as the launch of a development financing window for least developed countries.

In her remarks, H.E. Dr. Rania Al-Mashat emphasized that the approval of the IsDB's new strategy for the next ten years (2026-2035) comes at a pivotal time regionally and internationally, amidst successive changes. 

H.E. Dr. Al-Mashat affirmed that multilateral development banks, at both regional and international levels, play a crucial role, particularly in light of global development challenges, climate challenges, rising poverty rates, and limited global fiscal space.

H.E. Minister Al-Mashat expressed anticipation for more comprehensive cooperation between the Arab Republic of Egypt and the Islamic Development Bank, based on the historical and pivotal relations between the two sides, to advance economic development efforts, food security, and increase investment in human capital. 

H.E. Dr. Al-Mashat noted that the Egyptian state is working to leverage international partnerships to make more innovative financing tools available to domestic and foreign private sectors in Egypt.

She added that the new strategic framework features an integrated vision based on six main pillars: empowering member countries to lead their national development agendas, achieving inclusive productivity growth that considers less privileged groups, activating Islamic finance tools to ensure just and ethical financing, strengthening South-South cooperation through cross-border regional projects, boosting the bank's global position as a leading think tank in Islamic finance, and internal reform to ensure efficiency and financial sustainability.

H.E. Minister Al-Mashat reaffirmed that Egypt is working to leverage this strategic shift in the bank to expand areas of cooperation, especially regarding supporting the private sector and financing infrastructure projects, education, digital transformation, renewable energy, and climate change adaptation.

In a related context, H.E. Dr. Al-Mashat pointed to the importance of the development financing window launched by the IsDB during the current annual meetings, which provides more support to least developed countries through development financing and reinforces the bank's role as a supporter of South-South cooperation.

H.E. Dr. Al-Mashat pointed out the importance of the new framework as a catalyst for achieving more equitable, inclusive, and sustainable development. She mentioned that Egypt, through its extended partnership with the bank, is ready to contribute effectively to transforming this ambitious vision into tangible results that enhance the economic development of Southern countries.

It is worth noting that the IsDB's ten-year strategy is based on three strategic pillars: supporting national development priorities in countries, applying Islamic principles to achieve sustainable growth through promoting ethical finance, inclusivity, and resilience, and directing resources towards productivity and resilience by focusing on infrastructure, human capital, and climate adaptation.