Egypt and the International Islamic Trade Finance Corporation (ITFC) have signed an annual work programme for 2024, as part of a five-year framework agreement to support vital sectors in the country. The programme aims to provide integrated financing solutions worth $1.5bn to the Egyptian General Authority for Supply Commodities and the Egyptian General Petroleum Corporation. This will help the country cope with the economic and social impacts of the global and regional crises.
The signing ceremony was witnessed by Hala El-Said, Minister of Planning and Economic Development and Governor of Egypt at the Islamic Development Bank Group, and attended by Hany Salem Sonbol, CEO of the ITFC and Acting CEO of the Islamic Corporation for the Development of the Private Sector, Ahmed Youssef Mansour, Advisor to the Minister of Supply supervising the General Authority for Supply Commodities, and Ashraf Abdallah, Assistant Minister of Petroleum for Financial and Economic Affairs for the Egyptian General Petroleum Corporation (EGPC).
The programme also includes several activities under the Arab-African Trade Bridges Programme to help Egyptian exporters access new markets and enhance food security and digital trade in Egypt.
El-Said praised the leading role of the ITFC in supporting economic development in member states, by providing financing for private sector and infrastructure projects. She also highlighted the launch of the second phase of the Women in International Trade Project in Egypt, and the announcement of a $30m credit facility line for Banque Misr to support SMEs in Egypt.
Rania Al-Mashat, Minister of International Cooperation, said that Egypt is keen on strengthening and developing its cooperation with the ITFC, which has been a permanent partner of Egypt since 2008. She said that the new programme is a step towards facing the global challenges and their negative impact on trade.
Sonbol said that the ITFC is proud of its strategic partnership with Egypt, which has provided the country with $16.5bn since 2008 to finance the supply of petroleum, petroleum products, food commodities, and various programmes and projects. He said that the ITFC is committed to supporting the empowerment of women, youth, SMEs and exporters in Egypt.
Sonbol stressed that the ITFC will work in 2024 to further boost its cooperation with partners in programmes like the Arab-African Trade Bridges Programme, and the second phase of the Aid for Trade Initiative for Arab Countries “Aftiyas 2.0” programme.
