Funding portfolio of International Islamic Trade Finance Corporation with Egypt is $13.8B

CAIRO – 14 March 2022: Minister of Planning and Economic Development Hala al-Said stated Monday that the International Islamic Trade Finance Corporation has funded Egypt with $13.8 billion until present.

The minister's statement came during her speech at the third meeting of the Governance Council of the Arab-African Trade Bridges (AATB) Programme affiliated to the Islamic Development Bank (IsDB).

The minister chaired the meeting, representing Egypt, as she is the country's governor at the IsDB and chairwoman of the AATB programme's governance council. The event was attended by Egyptian, Arab, and African ministers as well as a number of ambassadors, heads of financing institutions, parliamentarians, and members of the business community.  

The minister noted that the programme aims at bolstering trade and investment between Arab and African states, creating a new generation of exporters and new partnerships between the investors of both regions.

Said underlined that Africa is a market of 1.3 billion consumers and a home of abundant natural and human resources. She pointed out that Egypt, as host of COP27 in Sharm El Sheikh in November, targets to make it a platform for developing countries to voice their needs for climate funding, transfer of low-emission technology, capacity-building on the government and private sector levels, and support to run sustainable feasibility studies tapping on the economic, social, and environmental aspects.

The minister also pointed out that Egypt has launched the Industrial Development for the South Center to expand the transfer of technology and reinforce creativity-based industrial development.  She added that Egypt is eager to share its experience with African countries in the sectors of agriculture, education, health, and SMEs.