Egypt gained most from Islamic Development Bank in 2020

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  • IsDB gave out around $6.8 billion to various nations last year
  • Egypt’s share in that, at $1.13 billion, amounted to around 17 percent

Egypt got $1.13 billion from the Islamic Development Bank in 2020, the most given out by the financial institution last year, local reports have said.

IsDB gave out around $6.8 billion to various nations last year, said the reports. Egypt’s share in that amounted to around 17 percents.

Around $1.09 billion was given to Turkey, followed by Bangladesh at $1.06 billion, Morocco at $660 million, and Nigeria at $610 billion, the report, said the reports.

IsDB also contributed to Covid-19 relief in 2020, where it approved financing of around $2.3 billion.

Although IsDB works across the world, the bank focuses on social development projects in Africa and Latin America, Asia, and Middle East and North Africa.

The Riyadh-based development finance institution has 57 shareholding member states, but Saudi Arabia is its largest single shareholder.

On Wednesday, the bank signed a financing agreement with Benin in West Africa, with a total value of $50 million.

The financing, under the bank’s Lives and Livelihoods Fund, is expected to support community health and nutrition projects in the country.

Over 1,000 health professionals will be trained and deployed to rural areas for five years, and more than 4,000 community health workers will be involved in the project.

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