RIYADH: As many as 85 agreements worth over $8 billion were signed across diverse sectors during the recently concluded annual meetings of the Islamic Development Bank Group. 

This stands in contrast to the last year’s meetings, which recorded only 77 financing agreements, totaling $5.4 billion. 

Speaking at the concluding press briefing, IsDB Chairman Mohammed bin Sulaiman Al-Jasser disclosed the signing of financing agreements between the group's institutions, 38 member countries, and 22 international financial institutions, covering diverse projects. 

He lauded the continuous backing of the group by Saudi leadership, citing it as a testament to the Kingdom’s commitment to global cooperation and advancement. 

Highlighting the significance of this year’s gatherings, the chairman mentioned that they included meetings of the IsDB Group’s councils and over 27 consequential side events.  

These sessions brought together distinguished intellectuals, experts, and researchers from various developmental domains, with a total of more than 3,750 participants. 

Notably, representatives from approximately 55 international and regional partner organizations, including 23 institutional heads, were present. 

Detailing the Private Sector Forum’s activities, Al-Jasser noted the participation of over 1,500 delegates from more than 60 nations. The forum, comprising 17 events, facilitated the signing of over 60 agreements amounting to approximately $6.5 billion. 

Over the past 50 years, the IsDB has played a significant role in progress by funding developmental projects exceeding a total value of $182 billion, according to the chairman. 

These projects have encompassed diverse vital areas, ranging from basic infrastructure and agriculture to various strategic sectors such as health, education and energy, as well as trade, and Islamic finance.  

He emphasized that the discussions and exchanges during the meetings provided valuable insights and success stories crucial for fostering sustainable social and economic development. He affirmed that the outcomes would transform the IsDB’s future initiatives and strategic partnerships. 

The issuance of the “Golden Jubilee Declaration” by the IsDB Board of Governors, acknowledging the bank’s pivotal role and achievements, was also highlighted by Al-Jasser.  

The declaration outlined key future priorities, including enhancing governance, expanding concessional financing, and advancing Islamic finance and cooperation in Southern countries. 

In conclusion, Al-Jasser reiterated the theme of the annual meetings – “Cherishing our Past, charting our Future: Originality, Solidarity and Prosperity” – underscoring its significance as a guiding principle for the IsDB’s trajectory.  

He emphasized the organization’s commitment to drawing inspiration from past achievements, learning from historical lessons, and leveraging current challenges and opportunities to forge a brighter future. 

Last year, the IsDB Group announced several projects with 24 member countries aimed at addressing pressing challenges hindering growth in the Global South, with a focus on health, agriculture, and food security, as well as initiatives targeting small and medium enterprises, education, and humanitarian assistance, among others. 

CAIRO: Egypt’s net foreign assets deficit shrank $17.8 billion in March, its second month of decline, central bank data showed, after remittances, foreign portfolio investment and a $5 billion payment from the UAE poured into the country, according to Reuters. 

Egypt received a second $5 billion payment from the UAE in early March for a land development on the Mediterranean coast after an initial payment in February.

On March 6, it devalued its currency and announced an $8 billion agreement with the International Monetary Fund, triggering a flood of portfolio investments and remittances from workers abroad.

The March NFA deficit shrank to 200 billion Egyptian pounds ($4.18 billion) from 679 billion pounds in February.

The March NFA figures does not reflect an $820 million first instalment in early April under the expanded IMF financial support program.

Commercial banks’ foreign assets jumped by $7.4 billion in March while their liabilities slid by $3 billion, according to Reuters calculations based on central bank data and taking account of the March 6 devaluation.

Egypt has allowed its currency to weaken to 47.8 pounds to the dollar since it signed the IMF agreement after having left it fixed at 30.85 to the dollar for a year.

Central bank foreign assets rose by $3.5 billion while its foreign liabilities decreased by $3.9 billion.

NFAs represent both central bank and commercial bank assets held by non-residents, minus their liabilities.

The $17.4 billion reduction in the deficit followed a $7.04 billion reduction in February.

Before that, the central bank had been drawing on the NFAs over the past two and a half years to help support the country’s currency. In September 2021, NFAs stood at a positive $3.9 billion.