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Egypt Seeks to Boost Cooperation with Islamic Development Bank

Egypt is seeking the Islamic Development Bank to support its exports. (EPA)
Egypt is seeking the Islamic Development Bank to support its exports. (EPA)
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Egypt Seeks to Boost Cooperation with Islamic Development Bank

Egypt is seeking the Islamic Development Bank to support its exports. (EPA)
Egypt is seeking the Islamic Development Bank to support its exports. (EPA)

Egypt is seeking to deepen ties with the Islamic Development Bank, announced Minister of Planning and Economic Development Dr. Hala el-Saeed.

Saeed is the governor of Egypt at the Islamic Development Bank group.

She stressed the need to benefit from the capabilities of the Islamic institution in supporting Egyptian exports and exporters to open new markets to their products.

Saeed is hoping to overcome challenges faced by export operations to foreign markets, especially Africa.

She made her remarks during a meeting with Oussama Abdel Rahman Kaissi, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Separately, the Monetary Policy Committee of Egypt’s Central Bank (CBE) kept its deposit rate at 8.25 percent on Thursday and its lending rate at 9.25 percent, the fifth consecutive month it left them unchanged.

Egypt’s annual general urban inflation rate rose to 4.8 percent in May 2021 from 4.1 percent in April, after having decelerated from 4.5 percent in March 2021.

The central bank expects inflation rates to continue to be affected by unfavorable base effects in the near term.

Preliminary data indicate annual real GDP growth of 2.9 percent during the first quarter of 2021, up from 2 percent in the prior quarter.

On the global level, the CBE noted that economic activity continues to recover from the COVID-19 pandemic.

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UK Treasury Chief Heading to China to Revive Suspended Economic, Financial Talks

FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo
FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo
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UK Treasury Chief Heading to China to Revive Suspended Economic, Financial Talks

FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo
FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo

Britain's Treasury chief is travelling to China this weekend to discuss economic and financial cooperation between the countries, as the UK's Labour government seeks to reset strained ties with Beijing.
The Treasury said Friday that Rachel Reeves will travel to Beijing and Shanghai and will meet with her Chinese government counterpart, Vice Premier He Lifeng, Reuters reported.
Reeves' trip is expected to revive the China-UK Economic and Financial Dialogue — annual bilateral talks that have been suspended since 2019 due to the COVID-19 pandemic and deteriorating relations in recent years.
A series of spying allegations from both sides, China’s support for Russia in the Ukraine war and a crackdown on civil liberties in Hong Kong, a former British colony, have soured ties.
Bank of England Governor Andrew Bailey and the UK Financial Conduct Authority's chief executive, Nikhil Rathi, are also in the delegation, according to the Treasury. Representatives from some of Britain’s biggest financial services firms will join the trip.
Officials did not provide details, but media reports have said senior executives from HSBC Holdings and Standard Chartered were included.
Reeves' visit comes after Foreign Secretary David Lammy travelled to China in October and Prime Minister Keir Starmer met with Chinese President Xi Jinping on the sidelines of the G20 summit in Brazil in November.
The meetings form part of a bid by Starmer, who was elected as leader in July, to strengthen political and economic ties with China, the UK's fifth-largest trading partner.
Officials said Starmer wanted a “pragmatic” approach to working with Beijing on global stability, climate change and the transition to clean energy.
But some in the opposition Conservative Party have criticized his stance and said trade ties should not come at the expense of national security and human rights concerns.
British political leaders and intelligence chiefs have warned repeatedly of the security threats that China poses. Calls to tackle the challenge grew louder last month when it emerged that an alleged Chinese spy had cultivated close ties with Prince Andrew and carried out “covert and deceptive activity” for China's ruling Communist Party, according to officials.
Nevertheless, Lammy told reporters in London on Thursday that “there are many areas of trade that don’t impact on national security.”
He said Reeves “will repeat many of the messages that I took to China.”
“What we’ve said is in this complex relationship with a global superpower, we are guided by three Cs”: challenge, compete and cooperate, for example in areas including health and climate challenges, Lammy added.