Egypt signs LoI with Int’l Islamic Trade Finance Corporation in Washington

Egypt has signed Sunday evening a letter of intent with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group.

Egyptian Minister of International Cooperation Sahar Nasr has signed the LoI with Hani Sonbol, ITFC’s Chief Executive Officer, on the sidelines of their participation in the International Monetary Fund (IMF) and World Bank Group annual meetings in Washington.

According to the letter of intent, ITFC will support the Egyptian government’s programme to develop and boost the country’s exports and trade, minister Nasr said.

Earlier, Egypt has raised in March the country’s stake in the International Islamic Trade Finance Corporation (ITFC)’s capital by 240 shares worth $2.824 million. The International Islamic Trade Finance Corporation (ITFC) aims to develop and expand intra-trade among the member countries of the Organisation of Islamic Cooperation (OIC).