THE MINISTERS OF PLANNING, SUPPLY, INTERNATIONAL COOPERATION AND TRADE WITNESS THE SIGNING OF THE 2022 ANNUAL PROGRAM BETWEEN EGYPT AND ITFC

THE 2022 ANNUAL PROGRAM INCLUDES US$1.5 BILLION OF TRADE FINANCING TO SUPPORT EGYPT’S ENERGY AND FOOD SECTORS IN ADDITION TO TRADE DEVELOPMENT PROGRAMS TO PROMOTE EXPORTS ENG. HANI SALEM SONBOL: 2022 WILL WITNESS A FRUITFUL BREAKTHROUGH IN EGYPT AND ITFC’S PARTNERSHIP TO SUPPORT EXPORTERS AND EMPOWER WOMEN AND YOUTH  CAIRO, FEBRUARY 15, 2022 – CONTINUING ON THE SUCCESSFUL COOPERATION BETWEEN THE INTERNATIONAL ISLAMIC TRADE FINANCE CORPORATION (ITFC) AND THE ARAB REPUBLIC OF EGYPT, H.E. DR. HALA EL-SAID, MINISTER OF PLANNING AND ECONOMIC DEVELOPMENT AND GOVERNOR OF EGYPT AT THE ISLAMIC DEVELOPMENT BANK (ISDB) GROUP, H.E. DR. ALI AL-MOSELHI, MINISTER OF SUPPLY AND INTERNAL TRADE, H.E. DR. RANIA AL-MASHAT, MINISTER OF INTERNATIONAL COOPERATION, H.E. MS. NEVIN GAMEA, MINISTER OF TRADE AND INDUSTRY, ENG. HANI SALEM SONBOL, CEO OF ITFC, AND DR. MAYA MORSI, PRESIDENT OF THE NATIONAL COUNCIL FOR WOMEN, WITNESSED THE SIGNING CEREMONY OF THE 2022 ANNUAL PROGRAM BETWEEN EGYPT AND ITFC. DURING HER REMARKS, DR. HALA EL-SAID PRAISED THE INITIATIVES INCLUDED IN THE ANNUAL PROGRAM THAT WILL OPEN THE WAY FOR COOPERATION WITH THE MICRO, SMALL, AND MEDIUM ENTERPRISE DEVELOPMENT AUTHORITY (MSMEDA), WHICH IS TIMELY SUPPORT TO THIS VITAL AND PROMISING SECTOR IN EGYPT. IN ADDITION, ITFC WILL CONTINUE TO CONTRIBUTE TO THE DEVELOPMENT OF TRADE AND BUSINESS DEVELOPMENT THROUGH SEVERAL PROJECTS, ON TOP OF WHICH ARE ACTIVITIES TO SUPPORT EGYPTIAN EXPORTERS, IN COOPERATION WITH THE EXPORT DEVELOPMENT AUTHORITY AND EGYPTIAN PRIVATE SECTOR INSTITUTIONS, THROUGH THE ARAB AFRICA TRADE BRIDGES (AATB) PROGRAM. THE PROGRAM WILL ALSO PROMOTE THE COOPERATION WITH VARIOUS EGYPTIAN AUTHORITIES IN THE FIELD OF DIGITIZING INTERNATIONAL TRADE OPERATIONS IN THE VITAL SECTORS OF EGYPT’S FOREIGN TRADE; AND WORK ON REMOVING THE OBSTACLES TO ACCESSING THE ARAB AND INTERNATIONAL MARKETS, THROUGH THE PROJECTS OF DIGITIZING DOCUMENTARY CREDITS AND DIGITIZING SHIPPING DOCUMENTS. EL-SAID ALSO REFERRED TO THE PROPOSAL TO ESTABLISH THE FIRST EXPORT ACADEMY IN EGYPT, IN COOPERATION WITH THE MINISTRY OF TRADE AND INDUSTRY AND THE EGYPTIAN PRIVATE SECTOR, TO BE A WINDOW TO IMPLEMENT EGYPT’S STRATEGY REGARDING INCREASING EXPORTS, PROVIDED THAT THE ACADEMY WILL BE LAUNCHED SOON UNDER THE AUSPICES OF THE REPUBLIC. EL-SAID ALSO CONFIRMED THAT THE SIGNING OF EGYPT ANNUAL PROGRAM FOR 2022 COMES WITHIN THE FRAMEWORK OF THE STRATEGIC PARTNERSHIP BETWEEN THE EGYPTIAN GOVERNMENT AND ITFC IN LIGHT OF THE FRAMEWORK AGREEMENT CONCLUDED BETWEEN BOTH SIDES IN 2018, EXPLAINING THAT THIS YEAR'S WORK PROGRAM IS AN EXTENSION OF THE SUCCESSFUL COOPERATION BETWEEN THE TWO SIDES. NOTING THAT THE YEAR 2021 WAS A RECORD YEAR FOR ITFC’S TRADE FINANCING INTERVENTIONS IN EGYPT, GIVEN THAT THE APPROVALS EXCEEDED THE US$2.5 BILLION BARRIERS, AN INCREASE OF US$1.4 BILLION OVER THE ORIGINAL PLAN, WHICH REFLECTS ITFC’S RAPID RESPONSE AND THE ABILITY OF ITS VARIOUS PROGRAMS TO ADAPT TO MEET REQUIREMENTS OF STRATEGIC SECTORS IN EGYPT. FROM HIS END, DR. ALI AL-MOSELHI POINTED TO THE IMPORTANCE OF COOPERATION AND COORDINATION BETWEEN THE MINISTRY OF SUPPLY AND ITFC, WHICH HAS BEEN GOING ON FOR SEVERAL YEARS AND IS ONE OF THE SUCCESSFUL EXPERIENCES OF COOPERATION IN THE FIELD OF FINANCING IN FAVOR OF THE GENERAL AUTHORITY FOR SUPPLY COMMODITIES (GASC); TO FINANCE THE AUTHORITY’S PURCHASES OF SUPPLY AND BASIC COMMODITIES DURING 2022, WHICH CONTRIBUTES TO STRENGTHENING AND INCREASING STRATEGIC COMMODITY BALANCES AND ENSURE THE CONTINUITY OF SUPPLY CHAINS.  H.E. DR. RANIA AL-MASHAT, MINISTER OF INTERNATIONAL COOPERATION, UNDERSCORED THE VALUE OF THE MINISTRY’S COOPERATION IN ADVANCING INTRA-TRADE AMONG MEMBER STATES, AS WELL AS ITFC’S PARTICIPATION IN THE EGYPT-INTERNATIONAL COOPERATION FORUM WHICH WAS HELD LAST SEPTEMBER TO PROFILE EGYPT’S PATH-BREAKING ACHIEVEMENTS IN THE TRADE SECTOR AT THOUGHT LEADERSHIP PLATFORMS. THE MINISTER OF INTERNATIONAL COOPERATION AFFIRMED THE MINISTRY’S KEENNESS TO CONSOLIDATE DEVELOPMENT COOPERATION WITH ALL MULTILATERAL AND BILATERAL DEVELOPMENT PARTNERS, IN A WAY THAT SUPPORTS EGYPT’S DEVELOPMENT VISION, AND PROVIDES DEVELOPMENT FUNDS AND TECHNICAL SUPPORT FOR VARIOUS SECTORS, NOTING THAT ITFC WAS AMONG THE DEVELOPMENT PARTNERS WHO CONTRIBUTED SIGNIFICANTLY TO STRENGTHENING THE DEVELOPMENT AGENDA DURING THE PAST YEAR, AS THE AGREEMENTS SIGNED FOR THE GOVERNMENT AND PRIVATE SECTORS DURING 2020 AND 2021 AMOUNTED TO ABOUT US$20 BILLION, INCLUDING US$4.7 BILLION FOR THE PRIVATE SECTOR. H.E. NEVIN GAMEA, MINISTER OF TRADE AND INDUSTRY, NOTED THAT EGYPT IS KEEN TO STEP UP COLLABORATION WITH THE INSTITUTION TO BOOST TRADE AND DRIVE THE ADOPTION OF INNOVATIVE SOLUTIONS IN THIS FIELD, SPURRING THE EXCHANGE OF SUCCESSFUL EXPERIENCES IN ALL ASPECTS OF TRADE AND INDUSTRY THROUGH SEVERAL PROGRAMS, SUCH AS THE ARAB-AFRICA TRADE BRIDGES PROGRAM AND THE AID FOR TRADE INITIATIVE FOR ARAB STATES (AFTIAS). MRS. NEVIN GAMEA, STRESSED THAT EGYPT APPRECIATES THE PIVOTAL ROLE OF ITFC IN SUPPORTING THE EGYPTIAN ECONOMY IN THE AREAS OF FINANCING AND DEVELOPING TRADE AND BUSINESS DEVELOPMENT, IN ADDITION TO DEVELOPING THE SMALL, MEDIUM, AND MICRO ENTERPRISES SECTOR, NOTING THAT THE ITFC’S ANNUAL PROGRAM IN EGYPT FOR 2022, WILL OPEN A FIELD FOR COOPERATION WITH THE MICRO, SMALL AND MEDIUM ENTERPRISE DEVELOPMENT AGENCY (MSMEDA) TO SUPPORT AND DEVELOP THIS IMPORTANT SECTOR AND ACTIVATE ITS ROLE IN THE NATIONAL ECONOMY. GAMEA INDICATED THAT ITFC WILL ALSO IMPLEMENT IMPORTANT PROGRAMS IN THE FIELD OF TRADE AND BUSINESS DEVELOPMENT, CONCERNING SUPPORTING EGYPTIAN EXPORTERS WITHIN THE FRAMEWORK OF THE AATB PROGRAM AND FOLLOWING UP ON THE IMPLEMENTATION OF THE VALUE CHAINS PROJECT IN THE COTTON SECTOR, IN ADDITION TO IMPLEMENTING THE INTEGRATED TRADE SOLUTIONS AS WELL AS FOLLOWING UP ON THE IMPLEMENTATION OF THE SHE TRADES PROJECT, IN ADDITION TO EGYPT'S PARTICIPATION IN THE AID FOR TRADE INITIATIVE FOR THE ARAB STATES (AFTIAS), AND COOPERATION WITH THE EGYPTIAN GOVERNMENT IN THE FIELD OF DIGITIZING INTERNATIONAL TRADE. IN HIS SPEECH, ENG. HANI SALEM SONBOL EXPRESSED HIS THANKS AND GRATITUDE TO ALL THE MINISTERS WHO ATTENDED THE ANNUAL PROGRAM CEREMONY AND AFFIRMED THAT THE 2022 ANNUAL PROGRAM IS A CONTINUATION AND SUPPORT FOR THE STRATEGIC RELATIONSHIP BUILT BETWEEN THE CORPORATION AND EGYPT. IN THE FIELD OF FINANCING, THE TOTAL AMOUNT OF TRADE FINANCE APPROVED BY ITFC IN FAVOR OF EGYPT SINCE 2008 AMOUNTS TO US$ 13 BILLION, WHICH IS A CULMINATION OF FIVE SUCCESSIVE FRAMEWORK AGREEMENTS SIGNED BY ITFC WITH THE EGYPTIAN GOVERNMENT FOR THE BENEFIT OF THE EGYPTIAN GENERAL PETROLEUM CORPORATION (EGPC) AND GASC. SONBOL ADDED THAT THE COOPERATION WAS NOT LIMITED TO FINANCING ONLY, BUT EXTENDED TO INCLUDE TRADE DEVELOPMENT PROGRAMS AND INTERVENTIONS FOR THE SUPPORT OF THE EXPORT SECTOR THROUGH THE IMPLEMENTATION OF MANY PROJECTS AND PROGRAMS AIMED AT FACILITATING TRADE, BUILDING CAPACITY, INSTITUTIONAL SUPPORT, AND ENHANCING COMPETITIVE CAPABILITIES FOR VARIOUS SECTORS RELATED TO FOREIGN TRADE. IT IS NOTEWORTHY THAT THE 2022 ANNUAL PROGRAM BETWEEN EGYPT ITFC AIMS TO PROVIDE INTEGRATED TRADE SOLUTIONS TO EGYPT WITH AN AMOUNT OF 1.5 BILLION DOLLARS, IN FAVOR OF GASC WITH AN AMOUNT OF US$700 MILLION AND EGPC WITH AN AMOUNT OF US$800 MILLION, WHICH ENHANCES THE ABILITY OF THE TWO BODIES TO MITIGATE THE ECONOMIC REPERCUSSIONS OF THE COVID 19 PANDEMIC, AS PART OF THE EGYPTIAN STATE’S EFFORTS TO PROVIDE BASIC FOOD COMMODITIES AND PETROLEUM PRODUCTS TO CITIZENS.