Planning Minister, ITFC CEO discuss deepening cooperation

Planning Minister Hala El-Said - who also represents Egypt at the board of governors of the Islamic Development Bank - had talks on Monday with the CEO of the International Islamic Trade Finance Corporation (ITFC) Hani Sonbol on means of promoting bilateral cooperation.

At the beginning of the meeting, El-Said expressed her happiness with the remarkable development activity of the Foundation, as well as the good rate at which the Foundation's financing program for Egypt for the year 2020, was implemented, despite the circumstances of the outbreak of the Coronavirus pandemic.


El-Said pointed out that the Corporation financed the supply of strategic goods for Egypt within the framework of the two Murabaha (profit) agreements signed on September 6, 2018. El-Said also praised the Foundation's efforts and keenness to prepare for the 2021 program, which was signed in January 2021 (remotely) under the auspices of the Ministry of Planning and Economic Development.The program includes providing $ 700 million to the Egyptian General Petroleum Corporation and $ 400 million to the General Authority for Supply Commodities.El-Said pointed out that the total amount provided by the Corporation to Egypt from its establishment in 2008 until May 2021 amounted to about $ 12.5 billion to finance the import of petroleum and its products in addition to food commodities and other products.For his part, Engineer Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC), stressed the Corporation's keenness to support Egypt and its strategic sectors through regional programs and integrated trade solutions provided by the Corporation to contribute to the development of Egypt's foreign trade and support its related capabilities.
During the meeting, the role of the Corporation in supporting Egyptian exporters through the Arab-African Trade Bridges Program was discussed, in cooperation with the relevant Egyptian bodies, especially the Export Development Authority (EDA).
They also discussed Egypt's participation in the adoption of the second phase of the Aid for Trade Initiative for the Arab States (AfTIAS) program document, as well as its contribution to the implementation of the value chain project in the cotton sector in partnership with the United Nations Industrial Development Organization (UNIDO).
The Foundation's activities in the field of digitization and digital transformation, and the "Integrated Business Solutions" project were also reviewed.