ITFC, ICD to provide $1.5 billion of integrated financing solutions to Egypt: Minister

CAIRO - 23 Janaury 2023:The 2023 annual work program of the International Islamic Corporation for Trade Finance (ITFC) and the International Islamic Corporation for the Private Sector (ICD) will provide $1.5 billion of integrated financing solutions to Egypt, Minister of Planning and Economic Development Hala El Saeed said Sunday.

 

The package aims at strengthening the country's ability to mitigate Covid-19's economic and social repercussions, as well as the successive geopolitics in the international arena as a result of the Russian-Ukrainian crisis, she added in a speech to the signing ceremony of ITFC-ICD 2023 annual work program with Egypt.

 

The Islamic Development Bank (IsDB)'s institutions top Egypt's strategic development partners, as the aspects of cooperation between the two sides cover various fields, including energy, infrastructure, industry, finance, agriculture, health and education, the minister said.

 

The financing cooperation portfolio between Egypt and IsDB reaches $14.5 billion, she added.

 

The minister praised the 2023 annual work program in terms of initiatives to open the way for cooperation with local banks and private sector companies to support these two promising sectors in Egypt.