Ministry of Planning, Economic Development, and International Cooperation Reviews pillars of Cooperation with the International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for the Development of the Private Sector (ICD) affiliated to the Islamic Development Bank (Infographic)

Following the Signing of the Annual Work Program worth $1.5 Billion
 
Ministry of Planning, Economic Development, and International Cooperation Reviews pillars of Cooperation with the International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for the Development of the Private Sector (ICD) affiliated to the Islamic Development Bank (Infographic)

 

The Ministry of Planning, Economic Development, and International Cooperation reviewed pillars of cooperation and partnership between the Government, the International Islamic Trade Finance Corporation (ITFC), and the Islamic Corporation for the Development of the Private Sector (ICD), affiliated to the Islamic Development Bank, following the signing of the annual work program for the two institutions in Egypt for the year 2025, worth $1.5 billion.

 

The Ministry stated in a statement that the relations between the Arab Republic of Egypt and the Islamic Development Bank and its affiliated institutions are historical, close, and diverse in many areas of development, explaining that in in the phase before the establishment of the International Islamic Trade Finance Corporation, the Islamic Development Bank approved since 1985 to 2007 approximately $1.675 billion for Egypt to finance the import of petroleum and its products, as well as wheat, and many government entities and institutions also benefited from these funds through the financing the import of industrial inputs, raw materials and spare parts, in addition to petroleum and its derivatives in cooperation with the Egyptian General Petroleum Corporation (EGPC).

 

The Ministry of Planning, Economic Development and International Cooperation added that after the establishment of the International Islamic Trade Finance Corporation (ITFC), the institution has approved about $18.7 billion from the start of its operations in 2008 until January 2025 to finance the import of petroleum and its products in addition to food commodities and other products, bringing the total value of the institution's financing operations for the benefit of Egypt to $20.4 billion.

 

The report highlighted the trade development programs between Egypt and the Corporation, including the Bilateral Program for the Arab Republic of Egypt under the Arab-African Trade Bridges (AATB) Program, which aims to increase economic integration and support sustainable growth in all Arab and African countries. Trade promotion efforts focus specifically on sectors where significant added value is created, especially in industries that rely on a more skilled labor force and industries that can foster more investment.

 

The report also referred to the Aid for Trade Initiative for Arab States (AfTIAS) program, which aims to improve international trade in the Arab region, make it more efficient and inclusive, and create job opportunities. A partnership agreement was also signed the Corporation, Expolink, and the Foreign Trade Training Center to establish the Export Academy in Egypt during the Annual Meeting of the Islamic Development Bank Group in May 2023.

 

On the other hand, the report pointed to strengthening Egyptian relations with the Islamic Corporation for the Development of the Private Sector (ICD), within the framework of the state's efforts to empower the private sector and enhance its leadership in development efforts, as the total agreements of the Corporation for the private sector in Egypt amount to $315 million, while the annual program for the year 2025 provides about $100 million to finance small and medium-sized enterprises, through which the Corporation expands in direct investments and financing tools in many sectors, and provides advisory services in the sukuk sector to the government.