The Minister of International Cooperation HE Dr. Rania A. Al-Mashat held a virtual meeting with Abdullah Ahmed Al Sabeeh, Director General of the Arab Investment and Export Credit Guarantee Corporation, as part of the periodic meetings that the ministry organizes with bilateral and multilateral development partners to advance joint economic relations and strengthen joint cooperation within the framework of the 2030 vision.
Minister Al-Mashat expressed her gratitude to the Arab Investment and Export Credit Guarantee Corporation, for joint cooperation in the areas of trade and investment in Egypt, in a way that advances the development, in addition to the role that society plays in promoting economic relations. between member countries.
HE noted that the Ministry of International Cooperation is keen to open the horizons of cooperation and coordination with all regional and international institutions, to support development efforts within the framework of the development boom that the country is experiencing, and under the directives of HE President Abdel Fattah El Sisi. , to achieve and get the most out of joint development cooperation with development partners.
In addition, the Minister reviewed the Ministry of International Cooperation’s 2021 annual report entitled “Engaging For Impact Towards Our Common Future: International Partnerships for Sustainable Development”, which details development finance secured from bilateral and multilateral development partners. and international financial institutions (IFIs). , in 2021, and intended for various economic sectors of the economy; noting that development finance for the public and private sectors amounted to $10.2 billion last year.
This includes $8.7 billion for the public sector and $1.56 billion for the private sector.
During the meeting, they further discussed the planned visit of the General Manager of the Arab Investment and Export Credit Guarantee Company to Egypt, in order to advance the joint cooperation and define the future roadmap. road in the area of investment and export credit. Guarantee.
For his part, the Managing Director of the Arab Investment and Export Credit Guarantee Company, Abdullah Ahmed Al Sabeeh, expressed the company’s desire to advance joint cooperation with Egypt and expand its horizons in a way that strengthens its role in Egypt to support the flow of Arab and foreign investment, and to support Arab exports in a way that promotes economic growth.
It should be noted that the Arab Investment Guarantee and Export Credit Company “Dhaman”, based in Kuwait, was established in 1974 as the world’s first multilateral investment guarantee provider, owned by governments Arab States and 4 Arab Financial Institutions.
It works to promote the flow of foreign direct investment (FDI) into Arab countries by providing political risk insurance to Arab and non-Arab investors and lenders; increase Arab exports by providing political and commercial risk insurance to Arab exporters; supporting Arab domestic trade by providing commercial risk insurance for B2B sales.
It also works to support economic growth in Arab countries by providing political and commercial risk insurance to non-Arab exporters and financial institutions involved in the sale of commodities, raw materials, equipment and other development-sound goods and services to Arab importers.
“Dhaman” also carries out research and knowledge sharing activities, technical assistance to Arab FDI promotion agencies and cooperation with Arab and international organizations involved in investment promotion.