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CAIRO – 30 June 2020: The International Islamic Trade Finance Corporation (ITFC) provided Egypt with $9.6 billion from 2008 to June 2020, according to Minister of Planning and Economic Development Hala Al-Saeed.
Saeed added that the Egyptian General Petroleum Corporation and other public sector beneficiaries benefit from financing operations, in addition to the Social Fund for Development and 3 companies from the private sector.
The Minister praised the good rate of progress in implementing the funding program provided to Egypt for 2020, whereby the Corporation is financing murabaha operations with a value of $ 1.1 billion, which includes $ 600 million for the Egyptian General Petroleum Corporation and $ 500 million for the General Authority for Supply Commodities, after reallocating the amount in light of the needs of both sides. This came within the framework of the two framework agreements signed on September 6, 2018 between Egypt and ITFC to finance the supply of strategic catering goods for the benefit of Egypt through the Foundation.
It also highlighted topics of cooperation in the field of trade development, as the ITFC undertook to implement programs and activities in the field of trade and business development in the Foundation's 2020 financing plan for Egypt.
She pointed out that these programs are to support Egyptian exporters through the Arab-African Trade Bridges Program in cooperation with the relevant Egyptian bodies, especially the Export Development Authority (EDA), pointing to Egypt's formal entry into the Arab-African Trade Bridges Program and has become a full member of its Governing Council since October 2019.
Saeed also referred to the Foundation’s contribution to implementing the value chains project in the cotton sector in partnership with the United Nations Industrial Development Organization (UNIDO), in addition to implementing the “Integrated Trade Solutions” project for the benefit of the General Authority for Supply Commodities in Egypt, through which a program to build the capacity of workers in Commission.
She praised She Trades project, which comes within the programs included in the Foundation's financing plan for the year 2020 in favor of Egypt, stressing the importance of paying this project during the coming period.
This came during a meeting between Egypt’s Planning Minister with Hany Sonbol, CEO of the International Islamic Corporation for Trade Finance, one of the member institutions of the Islamic Development Bank Group, through the video conference technique, to discuss aspects of joint cooperation between Egypt and the institution.
For his part, Sonbol stressed that the most important goals of the institution in the current period is to mitigate the effects of the (Covid-19) virus on member states in light of the capabilities available to the institution, and the needs of each country, which differ from one country to another, pointing out that some countries need fast support.
He pointed out that the Foundation allocated $ 300 million to the first program to respond to the needs of countries, then $550 million in the stage of recovery from the effects of the virus.
He pointed out that most of the countries ’needs were concentrated in the health sector services, and that the Foundation is the largest contributor to the program to counter the effects of the Coronavirus, and the Foundation represents more than 70 percent of the portfolio of the Islamic Development Bank Group.
The International Islamic Corporation for Trade Financing (itfc) was established in 2007, and started its activity in January 2008 as an independent institution and represents a member of the Islamic Development Bank Group with an authorized capital of $3 billion and a subscribed capital of $857 million (Until 2019). It aims to develop trade for its members by providing finances for trading and carrying out activities to facilitate intra-international trade.