Egypt, IsDB Sign 13 Agreements, MoUs

Egyptian Prime Minister Moustafa Madbouli and Chairman of the Islamic Development Bank Group Mohamed Al-Jasser witness the signing of 13 agreements yesterday (Asharq Al-Awsat)
Egyptian Prime Minister Moustafa Madbouli and Chairman of the Islamic Development Bank Group Mohamed Al-Jasser witness the signing of 13 agreements yesterday (Asharq Al-Awsat)
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Egypt, IsDB Sign 13 Agreements, MoUs

Egyptian Prime Minister Moustafa Madbouli and Chairman of the Islamic Development Bank Group Mohamed Al-Jasser witness the signing of 13 agreements yesterday (Asharq Al-Awsat)
Egyptian Prime Minister Moustafa Madbouli and Chairman of the Islamic Development Bank Group Mohamed Al-Jasser witness the signing of 13 agreements yesterday (Asharq Al-Awsat)

Egypt signed 13 agreements and memoranda of understanding with the Islamic Development Bank (IsDB) on the third day of the 47th annual meetings of the IsDB in Sharm El-Sheikh.

The agreements and MoUs were signed in most economic sectors to confront global challenges that are increasing pressure on developing countries.

One of the most prominent agreements was the International Islamic Trade Finance Corporation (ITFC) signing a framework agreement with Egypt worth $6 billion for boosting trade in the country.

Mohamed Abdel Wahed Soleiman, the managing director of Galina, a major producer, and exporter of frozen fruits and vegetables, and Ayman Sejiny, the CEO and General Manager of the Islamic Corporation for the Development of the Private Sector signed an MoU.

The MoU seeks to open new export markets in Egypt.

Another MoU was signed by Sejiny and the chief financial officer (CFO) of financial services provider Sarwa Capital Ayman El-Sawy.

The MoU seeks to develop and increase the issuance of sukuk, or sharia-compliant Islamic bonds, as a financing tool for the private and public sectors.

An MoU was also signed to promote the private sector’s role, issue sukuk, and finance small and medium enterprises in Egypt between the Islamic Corporation for the Development of the Private Sector represented by its CEO and general manager Ayman Sejiny, and the CEO of Abu Dhabi Islamic Bank (ADIB) Egypt Mohamed Aly.

Sejiny also signed an MoU with CEO of First Abu Dhabi Bank (FAB) Mohamed Abbas Fayed to promote the private sector’s role, issue sukuk, and finance small and medium enterprises in the country.

The signing of the agreements was attended by Egypt’s Prime Minister Moustafa Madbouli and Minister of Planning and Economic Development Hala El-Said.

El-Said referred to the orientations of the Egyptian state in the context of the external challenges and shocks facing the countries of the world.

She highlighted Egypt's success in the first phase of its economic reform program.



Iran Lawmakers Move to Sack Country’s Economy Minister as Rial Plunges 

A currency dealer counts Iranian rials as the value of the rial drops, in Tehran, Iran, February 9, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
A currency dealer counts Iranian rials as the value of the rial drops, in Tehran, Iran, February 9, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
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Iran Lawmakers Move to Sack Country’s Economy Minister as Rial Plunges 

A currency dealer counts Iranian rials as the value of the rial drops, in Tehran, Iran, February 9, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
A currency dealer counts Iranian rials as the value of the rial drops, in Tehran, Iran, February 9, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters

Iran’s parliament on Wednesday received a motion from lawmakers seeking to dismiss Economy Minister Abdolnaser Hemmati amid a sharp decline in the national currency, the rial.

Under Iranian law, Hemmati must appear before the legislature within 10 days to defend his record in a session that could result in his removal.

Ahmad Naderi, a Tehran MP and member of the parliament’s presiding board, said 91 lawmakers had signed the motion.

The move follows closed-door talks between President Masoud Pezeshkian and Hemmati with MPs over the plunging rial, which has lost nearly half its value since Pezeshkian took office in July.

On the black market, the rial is now trading at more than 900,000 to the US dollar, compared with less than 600,000 in mid-2024.

The slide has accelerated since the fall of Syrian president Bashar al-Assad, a longtime Iranian ally, on December 8.

Decades of US-led sanctions have battered Iran’s economy, with inflation worsening since Washington pulled out of a landmark 2015 nuclear deal in 2018.

US President Donald Trump, who returned to the White House in January, has revived his policy of “maximum pressure” on Iran, further tightening restrictions on the country.

Pezeshkian has vowed to seek a return to the nuclear accord and the lifting of sanctions, but diplomatic efforts have so far to make any headway.

In April 2023, lawmakers dismissed the industry minister Reza Fatemi Amin over soaring car prices.