ITFC’s approved financing operations in Egypt hit $11.2B

CAIRO – 13 December 2020: Egypt is one of the most important partners of the International Islamic Trade Finance Corporation (ITFC), CEO of ITFC Hany Salem Sonbol said.

“The total number of ITFC’s approved financing operations in Egypt reached about $11.207 billion to finance the import of petroleum and its products, in addition to food commodities and other products,” Sonbol stated in a statement Tuesday.

This came during the launch of a capacity-building program for the General Authority for Supply Commodities (GASC) within the framework of the "Integrated Trade Solutions" project that the ITFC provides to its member states to support its development programs.

It was launched by the Egyptian Ministry of Planning, in cooperation with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank, 

“It is a matter of pride that the International Islamic Trade Finance Corporation has partnered with the Egyptian government, especially the Ministry of Planning and Economic Development and the Ministry of Supply and Internal Trade, in launching the capacity building program for the General Authority for Supply Commodities,” Sonbol commented.

Sonbol said that the program focuses on commercial banking transactions related to the import of goods, preparation of lists, final accounts, budget of the government sector, and procedures related to the receipt of goods such as inspection and quality of agricultural crops.

According to the statement, the capacity building program for the General Authority for Supply Commodities comes within the framework of the "Integrated Commercial Solutions" project, from which 44 trainees will benefit from the Ministry of Supply and Internal Trade and the General Authority for Supply Commodities.

The program deals with a number of areas, which are the preparation of financial statements, final accounts, the budget of the government sector by 22 trainees, commercial banking transactions related to the import of goods and 16 trainees benefit from them, and commercial transactions related to the receipt of goods such as inspection and quality especially for agricultural crops and 6 trainees benefit from them, where the programs begin with the financial statement preparation cycle.

The financing program provided to Egypt for the year 2020 comes within the framework of the two framework agreements signed in September 2018 between the Arab Republic of Egypt and the International Islamic Trade Finance Corporation to finance the supply of strategic goods for Egypt.