ITFC’s total funding to Egypt reaches $12.5bn: Planning Minister
11 June 2021
Dr. Hala El-Said, Minister of Planning and Economic Development who is also acting as Egypt’s governor at the Islamic Development Bank participated over the past few days in some activities related to the bank's institutions, especially the International Islamic Trade Finance Corporation (ITFC).
Among those activities, a meeting between El-Said and Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation to discuss cooperation between Egypt and the Corporation.
During the meeting, El-Said praised the remarkable development activity of the Foundation and the good rate at which the Foundation's financing program for Egypt for the year 2020 was implemented.
The meeting also discussed the Corporation's role in supporting Egyptian exporters through the Arab-African Trade Bridges Program, in cooperation with the relevant Egyptian bodies, especially the Export Development Authority (EDA).
The meeting also touched on Egypt's participation in the adoption of the second phase of the Assistance for Trade Initiative (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).
Dr. Hala El-Said also witnessed, a few days ago, the launch of the “She Trades Egypt” project for women in international trade in Egypt.
The “She Trades Egypt” project is implemented by the International Trade Center, with the support and financing of the International Islamic Trade Finance Corporation and the Islamic Development Bank through the Aid for Trade Program for the Arab States “AFTIAS”.
The "She Trades Egypt" project was launched in partnership with the Ministry of Trade and Industry represented by the Export Development Authority, the Ministry of Planning and Economic Development, the National Council for Women, and the Export Council for Crafts and Handicrafts, in addition to partner institutions and the private sector.
During the launch ceremony, El-Sai pointed out the value of the cooperation portfolio between Egypt and the International Islamic Trade Finance Corporation, which has so far amounted to about $12.5 billion, explaining that the goals of the “She Trades Egypt” program are consistent and consistent with the direction and efforts of the Egyptian state to achieve economic empowerment for women.
The week's activities also included El-Said's participation yesterday after the first training program for exporters entitled "Entering into African Markets", in cooperation between the International Islamic Trade Finance Corporation and the Egyptian Export Development Authority.
During her speech, El-Said praised the Exporters Training Program to Enter African Markets, which comes under the umbrella of the Arab-African Trade Bridges Program, which in turn aims to enhance trade between Arab countries and African countries and maximize the benefit from the promising economic opportunities available in this field.
El-Said also confirmed that the program to train exporters to enter African markets is fully consistent with the objectives of the National Structural Reform Program.
The National Program for Structural Reforms aims to develop the performance of the Egyptian economy, localize technology, raise the competitiveness of Egyptian exports, raise its efficiency, enhance sectors capable of penetrating foreign markets, raise export rates, and diversify exported goods, products, and services.
The International Islamic Trade Finance Corporation (ITFC) is an independent entity within the Islamic Development Bank Group that was established to advance trade to improve economic conditions and the livelihood of people throughout the Islamic world.