Cooperation portfolio between Egypt, ITFC amounts to $17 bln: Minister of Planning

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development who also acts as Governor of Egypt at the Islamic Development Bank Group (IsDB), participated in the celebration held on the occasion of the 15th anniversary of the establishment of the International Islamic Trade Finance Corporation (IITFC), as part of the activities of the annual meetings of the Islamic Development Bank Group (IsDB) that are held during the period from 10-13 May. , in Jeddah Governorate, under the slogan: "Establishing partnerships to prevent crises" to highlight the importance of cooperation in facing the challenges facing the Islamic Development Bank member countries. It brings together 57 member states from four continents.

The ceremony witnessed the presence of Dr. Muhammad bin Suleiman Al-Jasser, President of IsDB, Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation and Acting CEO of the Islamic Corporation for the Development of the Private Sector.

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During her speech, Dr. Hala El-Said thanked the Saudi leadership, government, and people, for their generous hosting of the annual meeting of the Board of Governors of the Islamic Development Bank Group for this year. She also congratulated Eng. Hani Sonbol on the occasion of the 15th anniversary of the International Islamic Trade Finance Corporation.

El-Said asserted that the institution is moving steadily towards providing commercial and financing solutions that meet the needs of the member states of the Organisation of Islamic Cooperation (OIC), and within a few years, it occupied a prominent position among the member institutions of IsDB, in particular.

The Minister of Planning and Economic Development expressed her gratitude for the Egyptian government's honoring and awarding of the "Biggest Funding Partners Award" to the International Islamic Trade Finance Corporation since its inception.

El-Said pointed out that this honor is the culmination of an extended and fruitful journey of fifteen years between the Arab Republic of Egypt and the Foundation, during which the Foundation played a pivotal and tangible role in providing commercial and financing solutions, supporting initiatives and projects of the state, private sector institutions and Egyptian civil society, strengthening internal value chains and driving growth.

Dr. Hala El-Said added that this process has so far yielded a cooperation portfolio worth close to $17 billion, reflecting the importance of this effective strategic partnership between the two sides, which is consistent with the Egyptian state’s tendency to strengthen development partnerships and ensure concerted efforts between all development partners, whether local or regional.

El-Said explained that this honor and these positive returns for the development partnership that brings Egypt together with the International Islamic Trade Finance Corporation (IITFC) is the result of coordination and continuous work from both sides.