ITFC approves $2.6 billion financing for Egypt

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has approved a $2.6 billion financing to support developmental projects in Egypt, according to the country’s trade ministry statement on Wednesday.

The statement was released following the meeting between Egyptian Trade and Industry Minister Nevine Gamea and Hani Salem Sonbol, chief executive of ITFC. The two parties discussed the corporation’s work plan in Egypt during 2022 in the areas of trade support and women empowerment programmes.

“The ITFC is one of the most important development partners of Egypt, as its projects contribute to supporting the sectors of trade and industry, small and medium enterprises (SMEs), and women’s empowerment projects, in addition to supporting the commercial cooperation between Arab and African countries.” Minister Gamea said.

The meeting tackled special arrangements to establish the first exporters’ academy in Egypt designed to provide training programmes with the aim of supporting the Egyptian exporters and enhance their ability to access more global markets, the minister added.

The ITFC is keen to implement more development programmes in Egypt, Sonbol said. He highlighted the importance of achieving integration among all development partners in Egypt with the aim of achieving the best results to support the Egyptian economy.

The corporation official said the annual meeting of the Arab-African Trade Bridges Programme would be held in Egypt on March 14, set to gather a large number of ministers and representatives of global development institutions.