ITFC allocates $1.1B in funding for Egypt in 2020

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Thu, 06 Feb 2020 - 03:30 GMT

International Islamic Trade Finance Corporation logo - ITFC website

International Islamic Trade Finance Corporation logo - ITFC website

CAIRO – 6 February 2020: International Islamic Trade Finance Corporation (ITFC) earmarked $1.1 billion in funding for Egypt during 2020, according to Minister of Trade and Industry Nevine Gamea.

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.

This came during the minister’s meeting with CEO of IFTC Hani Sonbol, and his accompanying delegation, to review the bank’s current and future projects and programs in the Egyptian market, in addition to the foundation’s work program for 2020.

She pointed out that it is possible to cooperate with the foundation within the framework of trade development programs in order to enhance trade exchange between Egypt and various international markets.

The minister added that other cooperation programs of the foundation in Egypt come in the areas of supporting exporters and importers, and developing value chains in the cotton sector in cooperation with the United Nations Industrial Development Organization "UNIDO" which aims to develop the system of cultivating and manufacturing cotton in Egypt.

“It also has 'Women in Arab Trade' program which will be launched in Egypt this year with the aim of empowering Egyptian women,” she referred.

In December, Egypt signed a $1.1 billion agreement with ITFC to finance importing petroleum products and commodities for 2020.

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