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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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UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
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UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)

Global economic growth is projected to remain at 2.8% in 2025, unchanged from 2024, held back by the top two economies, the US and China, according to a United Nations report released on Thursday.

The World Economic Situation and Prospects report said that "positive but somewhat slower growth forecasts for China and the United States" will be complemented by modest recoveries in the European Union, Japan, and Britain and robust performance in some large developing economies, notably India and Indonesia.

"Despite continued expansion, the global economy is projected to grow at a slower pace than the 2010–2019 (pre-pandemic) average of 3.2%," according to the report by the UN Department of Economic and Social Affairs.

"This subdued performance reflects ongoing structural challenges such as weak investment, slow productivity growth, high debt levels, and demographic pressures," Reuters quoted it as saying.

The report said US growth was expected to moderate from 2.8% last year to 1.9% in 2025 as the labor market softens and consumer spending slows.

It said growth in China was estimated at 4.9% for 2024 and projected to be 4.8% this year with public sector investments and a strong export performance partly offset by subdued consumption growth and lingering property sector weakness.
Europe was expected to recover modestly with growth increasing from 0.9% in 2024 to 1.3% in 2025, "supported by easing inflation and resilient labor markets," the report said.

South Asia is expected to remain the world’s fastest-growing region, with regional GDP projected to expand by 5.7% in 2025 and 6% in 2026, supported by a strong performance by India and economic recoveries in Bhutan, Nepal, Pakistan and Sri Lanka, the report said.

India, the largest economy in South Asia, is forecast to grow by 6.6% in 2025 and 6.8% in 2026, driven by robust private consumption and investment.
The report said major central banks are likely to further reduce interest rates in 2025 as inflationary pressures ease. Global inflation is projected to decline from 4% in 2024 to 3.4% in 2025, offering some relief to households and businesses.
It calls for bold multilateral action to tackle interconnected crises, including debt, inequality, and climate change.
"Monetary easing alone will not be sufficient to reinvigorate global growth or address widening disparities," the report added.