Al-Mashat Arrives in Algeria For Islamic Development Bank Group Annual Meetings
Rana Atef
Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt's Governor at the Islamic Development Bank Group, arrived in Algeria for the 2025 Annual Meetings of the Bank Group, held from May 19 to 22, 2025, under the theme: 'Diversifying Economies, Enriching Lives', with the wide participation of Ministers of Finance, Economy, Planning, and International Development of the 57 member countries.
This is in addition to leaders of global financial institutions, development partners, decision-makers, and representatives of the private sector, featuring strategic discussions aimed at proposing sustainable solutions to the social and economic challenges facing the member countries of the Bank Group, as well as contributing to supporting development and prosperity on a global level.
Dr. Rania Al-Mashat's participation agenda includes a wide range of events, including a high-level roundtable on operationalizing the 'Riyadh Global Drought Resilience Partnership', and a panel discussion on accelerating progress towards the SDGs in the middle-income countries of the Islamic Development Bank.
In addition, several bilateral meetings are scheduled, including a meeting with Dr. Abdullah Al-Dardari, UN Assistant Secretary-General and Director of the UNDP Regional Bureau for Arab States,, a meeting with Mr. Álvaro Lario, President of the International Fund for Agricultural Development (IFAD), and a meeting with Eng. Adeeb Y. Al Aama, CEO of the International Islamic Trade Finance Corporation (ITFC).
The current session of the Islamic Development Bank Group's annual meetings addresses pivotal issues such as economic diversification, strengthening economic resilience, and supporting innovation as a key driver of development, alongside reviewing successful development initiatives and institutional achievements that reflect the progress made by member countries.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
Egypt confirms denial of airspace access to US B-52 bombers
News
Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia
News
Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content
Arts & Culture
Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Sports
Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
News
Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies
Arts & Culture
New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
an hour ago
- See - Sada Elbalad
President Sisi congratulates Canadian Prime Minister Mark Carney on winning general elections
Basant Ahmed President Abdel Fattah El-Sisi made a phone call with Canadian Prime Minister Mark Carney. Presidential Spokesperson Ambassador Mohamed El-Shenawy said that President El-Sisi congratulated the Canadian Prime Minister on his recent general election victory, expressing his sincere wishes for success, emphasizing Egypt's aspiration to work with the Canadian government to strengthen cooperation between the two countries. The official spokesperson added that the call addressed ways to strengthen bilateral relations, particularly in the economic, trade, and investment fields, to serve the interests of both countries. Both sides also affirmed their commitment to working together to explore prospects for cooperation in various sectors of mutual interest. The official spokesperson noted that the call also addressed regional developments and ways to restore stability in the region. The president reviewed Egyptian efforts to achieve a ceasefire in the Gaza Strip, stressing the importance of making use of the ongoing regional truce to reach an agreement on this matter. He emphasized that the establishment of an independent Palestinian state, consistent with international legitimacy resolutions, is the only guarantee of sustainable stability in the Middle East. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean Arts & Culture "6 Ayam" Sets Streaming Date
Al-Ahram Weekly
11 hours ago
- Al-Ahram Weekly
Eastern Company to cap cigarette price at EGP 45: CEO - Economy
Eastern Company CEO Hany Aman announced that cigarette prices will be capped at EGP 45 per pack starting Tuesday following recent tax bracket changes. Aman told MBC Masr that the company had reached the upper limit of the current tax bracket, and maintaining previous prices was causing losses. Rising raw material and transportation costs have significantly increased production expenses. Approximately 90–95 percent of cigarette components, including tobacco, paper, and agricultural gum, are imported and priced in foreign currency, which adds financial pressure amid currency fluctuations and global price hikes. Before the tax changes, cigarettes were officially retailed at EGP 38 per pack, with nearly 60–65 percent of the price collected in taxes. The new rules allow prices up to EGP 48 per pack, but Aman confirmed Eastern Company will keep prices below that ceiling, not exceeding EGP 45. Sales were paused on Sunday and Monday to adjust pricing, with the new rates taking effect on Tuesday. Aman said the company is still assessing the full impact of the updated tax regulations and may provide further updates soon. Shisha tobacco (Muʽassel) will not be affected by the new taxes. 'There has been no increase in taxes on Muʽassel, and price hikes are unlikely during this period,' Aman said. Cigarettes remain Eastern Company's largest product by consumption and contribution to the national budget. Separately, Ibrahim Embaby, head of the tobacco division at the Federation of Egyptian Industries, stated that the revised price brackets stand at EGP 48 for the lowest tier and EGP 69 for the mid-tier. Earlier on Sunday, the House of Representatives approved a government-drafted law amending the Value Added Tax (VAT) on cigarettes, which will increase the minimum and maximum retail prices by 12 percent annually for three years starting next November. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
11 hours ago
- Al-Ahram Weekly
Egypt to pay half of exporters' arrears in August, EGP 25 bln allocated - Economy
Egypt's government will begin repaying overdue debts to exporters in August, starting with a cash payout covering half of what is owed for shipments made before the end of June 2024. The Ministry of Finance announced on Monday that around EGP 25 billion will be disbursed to approximately 2,400 companies, with the first instalment scheduled for 7 August. Payments will be made through four participating banks: the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt. The funds are part of a broader payment plan under the FY2025/26 budget, which allocates EGP 44.5 billion out of a total of EGP 78.1 billion set aside for supporting exports and industry—to clear arrears. Finance Minister Ahmed Kouchouk said the move aims to provide exporters with urgently needed liquidity. 'We are committed to providing the liquidity exporters need to sustain and expand their production and export activities,' he said, framing the initiative as part of the government's push for private-sector-led growth. The remaining 50 percent of the arrears will be settled through a clearing mechanism, allowing companies to offset what the state owes them against debts they owe to government bodies, including the tax and customs authorities, the Social Insurance Authority, and utility providers such as electricity and gas companies. Nevin Mansour, advisor to the finance minister, stated that the dual-track system of partial cash payments and clearing will alleviate pressure on exporters while also enhancing fiscal coordination across public agencies. She noted that the government has already paid more than EGP 70 billion to 2,800 exporters since 2019 through earlier support programmes. The decision comes as Egypt faces ongoing economic headwinds and negotiations with the International Monetary Fund (IMF), with the government under pressure to contain spending while encouraging foreign currency inflows. Officials say the arrears settlement should help boost exports and ease balance of payments constraints, though delays in previous programmes have left some exporters cautious about the timeline. Follow us on: Facebook Instagram Whatsapp Short link:
