Egypt's planning min. praises joint work with International Islamic Trade Finance Corporation

CAIRO - 28 November 2020: Minister of Planning and Economic Development Hala El-Said participated Saturday in the closing ceremonial activities of the staff capacity building program at the Ministry of Supply and the General Authority for Supply Commodities in cooperation with the International Islamic Trade Finance Corporation within the framework of the Integrated Commercial Solutions project.

The closing ceremony, which was held via video conference, also witnessed the participation of the Minister of Supply and Internal Trade Ali Moselhi, and CEO of the International Islamic Trade Finance Corporation (ITFC) Hani Salem Sonbol.

During the events, El-Said delivered a speech in which she expressed her happiness to participate in the closing ceremony in cooperation with the ITFC, one of the member institutions of the Islamic Development Bank Group.

El-Said praised the remarkable development activity of the ITFC, as well as the good rate of implementation of the financing programs presented to Egypt.

She pointed out that the celebration is not only a celebration of the completion of this training program but rather a culmination of a successful and extended march of joint work between Egypt and the ITFC, which has so far resulted in a cooperation portfolio of more than $9.5 billion since the ITFC was founded in 2008.

El-Said explained that this march is distinguished by its extended nature, as the financing cooperation between Egypt and the ITFC had already been established, with operations exceeding $11.7 billion.

She noted that there is a firm desire on both sides to continue and intensify this cooperation in the next phase, especially in light of the pilot programs implemented by the ITFC, including the second program for the AFTIAS initiative and the various projects implemented within its framework in the areas of institutional development and capacity building in the field of trade and various developmental areas, as well as the AATB program in the framework of seeking to enhance trade between Arab and African countries and to maximize the use of the promising economic opportunities available.

El-Said added that the ITFC, through its 2020 financing plan, undertakes to implement a large number of programs and events in the field of trade and business development for the benefit of Egypt, especially in strategic sectors such as financing the import of food commodities and petroleum products.

El-Said thanked the work team from both sides for the continuous cooperation and coordination to implement capacity-building programs within the framework of the Integrated Commercial Solutions project, through which three training courses were implemented dealing with commercial banking transactions related to importing goods, preparing financial statements, and managing transactions.

The minister praised the ITFC’s efforts to communicate with other Egyptian bodies to build new relationships and make use of its services to support some important sectors during this pivotal stage in light of the impact of the corona pandemic on the global economy as a whole and developing countries in particular.

She also praised the ITFC’s efforts to commit to supporting countries affected by the economic repercussions of the corona pandemic, as the corporation contributed to supporting Egypt through cooperation with the General Authority for Supply Commodities to cover the Egyptian government's needs of basic strategic commodities, as well as cooperation with the Egyptian General Petroleum Corporation.

“This will enhance the ability of the two bodies to mitigate the economic repercussions of the pandemic,” El-Said explained.

She stressed that Egypt pays great attention to activating cooperation with all development partners, whether local from the private sector, civil society, or international development partners from regional and international financing institutions.

“The Islamic Development Bank Group is at the forefront, and Egypt is proud to be one of the founding members and is also proud of the distinguished development partnership with the bank over the past four and a half decades, which has so far resulted in financing more than 258 projects worth $11.64 billion, of which 198 projects have been completed, with about 60 ongoing projects worth $2.75 billion covering various areas of development,” El-Said said.

This is in addition to the distinguished cooperation and partnership between Egypt and all the member institutions of the bank group, which covers various and important developmental areas, including trade finance activity through the activities of the International Islamic Trade Finance Corporation, and export insurance and credit activities through cooperation with the Islamic Corporation for the Insurance of Investment and Export Credit, as well as supporting and developing the role of the private sector, which is a major partner with the government in achieving comprehensive development through the existing cooperation with the Islamic Corporation for the development of the private sector.

At the end of her speech, El-Said expressed her deep thanks to ITFC CEO Hani Sonbol due to her continuous cooperation in the field of capacity building and training provided by the institution and the various member institutions of the bank group. Development plans and programs for the Egyptian state, whether in the field of trade, industry, or other economic and developmental fields, come within the framework of the state’s direction and endeavor to expand investment in people, build capacity, and create cadres capable of effectively contributing to development efforts, she added.

Meanwhile, Supply Minister Dr. Ali Moselhi pointed out during his speech the importance and necessity of cooperation between all state institutions, stressing that this cooperation needs clarity of vision. He thanked Dr. Hala El-Said for the efforts of the Ministry of Planning and Economic Development in setting a real plan and vision for the state, pointing to the measures taken by the state to provide strategic goods to citizens in light of the corona crisis, as well as the government's keenness to achieve a balance between providing these goods and maintaining citizens’ health.

Moselhi also thanked Hani Sonbol for the ITFC’s unlimited support to the Egyptian state during the recent period as it took the necessary measures to confront the coronavirus.

For his part, ITFC CEO Hani Salem Sonbol said that it is the institution’s pleasure to celebrate the completion of this high-level training program and the delivery of certificates for the benefit of an important group of employees at the Ministry of Supply and Internal Trade and the General Authority for Supply Commodities.