Islamic Development Bank (IDB) is planning to open a representative office in Egypt within the current year, according to an official in the bank’s private sector arm. The bank is in the final stage of establishing its representative office in Egypt, said Nazih Al-Nasser, Director of Asset Management and Advisory Activities of Islamic Corporation for the Development of the Private Sector (ICD), part of IDB. IDB is present in 56 countries. The bank’s current portfolio in Egypt comprises 19 projects totalling USD2.3bn. Egypt is the seventh biggest shareholder in the bank, with a 7.08% share. (Amwal Al Ghad)