Islamic Development Bank unit, Egypt to sign export boost plan next Sept

Egyptian Minister of Trade Tarek Qabil will sign an action plan next September with the International Islamic Trade Finance Corporation (ITFC), part of the Saudi Arabia-based lender Islamic Development Bank, aiming to boost Egyptian exports.

A delegation from the Saudi Arabian ITFC is planning to visit Cairo at the end of next month to agree on the three-year action plan with the New Egyptian Export Development Authority with the participation of all parties concerned with exportation in Egypt, Minister Qabil said.

During the visit, the ITFC and government authority will agree on the action plan to enhance Arab-African business relations, create new partnerships, and utilise business capacities in Africa, said Sherine Al-Shorbagi, CEO of the New Egyptian Export Development Authority.

The Egyptian authority had recently held several meetings in Saudi Arabia with representatives of Islamic Development Bank, the Islamic Corporation for the Development of the Private Sector, the Islamic Corporation for the Insurance of Investment, and Export Credit (ICIEC) and ITFC, Al-Shorbagi added.