International Islamic Trade Finance Corporation
El-Said added in press remarks after launching the AATB Council of Governance, that the program also seeks to develop the business sector, create a new generation of exporters and upgrade exported products through forming new partnerships between Arab and African countries.
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.
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.
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.
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.
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 Islamic Development Bank (IsIDB) has a portfolio of $21.6 billion in Egypt, including $10 billion with the ITFC.
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
The Public Authority of Supply and International Islamic Trade Finance Corporation signed on Thursday a $1B agreement to fund subsidized basic commodities
International Islamic Trade Finance Corporation this week opened a credit line worth $400 million for Egypt to buy petroleum products.
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.
A wrap-up for the most prominent business news of the day.