ITFC
Meticulously structured per Sharia principles, the trade loan represents a dynamic response to the evolving economic landscape in Africa, the AFC explained
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 meeting was held on the sidelines of a visit by minister Said to the headquarters of ITFC in the Saudi city of Jeddah, said a statement issued by her ministry on Monday.
The meeting was attended by Minister of Trade Commissioner Amr Hazaa, advisor to the minister for development projects, and Heba Gamal, representative of the International Islamic Trade Finance Corporation in Egypt.
There are ongoing discussions on adding the Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) to the ITFC’s beneficiaries in the upcoming period, as well as means of diversifying areas of cooperation, including climate financing.
Sonbol added Thursday that the corporation is working primarily on stimulating and encouraging trade.
The program includes providing $700 million to the Egyptian General Petroleum Corporation and $400 million to the General Authority for Supply Commodities. An initiative (in international trade) was launched to empower women in the field of small and micro-enterprises.
The program was signed by CEO of the ITFC Hani Salem Sonbol, and Executive Vice President of the Egyptian General Petroleum Corporation (EGPC), Ashraf Abdullah, and Vice-Chairman of the Board of Directors of the General Authority for Supply Commodities (GASC) Ahmed Youssef.
Egypt is one of the most important partners of the International Islamic Trade Finance Corporation (ITFC), CEO of ITFC Hany Salem Sonbol said.
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 package would also enable the authority in meeting basic commodities needs, the statement added.
Gamea added in a statement Thursday that $700 million of the funding will go to the energy sector, while $400 million will be for the internal trade.
Gamae pointed out to the importance of making the maximum benefit from the funding programs allocated by the ITFC to Egypt that are worth $1.1 billion and serve the sectors of energy and internal trade.
The two sides agreed on a timetable to implement EDA programs as well as the budget proposed for each program.
This comes as part of the agreement worth $3 billion signed in January 2018 between the Ministry of Investment and the International Islamic Trade Finance Corporation.
The minister praised the role played ITFC to provide basic commodities for citizens through a 3 billion dollar agreement signed last year.
A presidential decree was issued on Thursday sanctioning a framework agreement between the Egyptian Investment and International Cooperation Ministry and the International Islamic Trade Finance Corporation (ITFC) to fund Egypt's importation of staple comm
President Sisi has serious vision on development in Egypt - ITFC CEO
Over 10 years, the Islamic International Trade Finance Corporation has contributed more than 40 billion dollars to funding and developing trade operations.
Minister of Investment signed Tuesday a $3 billion agreement with the Islamic Trade Finance Corporation (ITFC) to support the provision of basic goods in Egypt.
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