Banque Misr signs EGP 3bn revolving credit facility with SODIC    The Future Begins Now: A National Alliance Bridging the Gap Between Classroom Seats and Leadership Dreams    Ahl Masr Burn Hospital Concludes First Scientific Forum, Prepares for Expanded Second Edition in 2026    Egypt Tax Authority Standardises VAT Treatment for Exported Services, Issues Guidance    Resilience, Innovation, and the Smart Home: Mohamed Ataya on GROHE's Strategic Vision for Egypt    Egypt signs mining training agreement with Australia's Murdoch University    Australia returns 17 rare ancient Egyptian artefacts    Gold prices edge lower on Thursday    Cairo affirms commitment to Lebanese sovereignty, urges halt to cross-border violations    Egypt expands rollout of Universal Health Insurance    Egypt's Al-Sisi links national progress to strict law enforcement, says society has role in reforming legal application    Gaza death toll rises as humanitarian crisis deepens, Israeli offensive expands in West Bank    China invites Egypt to join African duty-free export scheme    Egypt, Algeria agree to deepen strategic ties, coordinate on Gaza ceasefire, regional crises    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt signs host agreement for Barcelona Convention COP24 in December    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Cairo hosts African Union's 5th Awareness Week on Post-Conflict Reconstruction on 19 Nov.    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt adds trachoma elimination to health success track record: WHO    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt, ITFC clinch deal to support logistic, petroleum commodities
Amwal Al Ghad Published in Amwal Al Ghad on 05 - 12 - 2019

Egypt signed on Wednesday an agreement with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB), to support Egypt's essential logistic and petroleum commodities valued at $1.1 billion for 2020.
Egypt ministers and ITFC officials at the signing ceremony (Photo Credit: Ahram Online)
The agreement is part of the 2018 $3 billion framework agreement between the Ministry of Investment and International Cooperation and the ITFC.
Sonbol said the agreement not only provides funds, but introduces trade development and business upgrade programmes as well, with the aim of supoporting Egyptian exporters through Gosor programme for Arab-African trade in cooperation with Egypt's Export Development Authority (EDA).
Sonbol added that the agreement contributes to implementing Egypt's value chains in the cotton sector in collaboration with the United Nations Industrial Development Organisation (UNIDO), the integrated trade solution project of Egypt's General Authority for Supply Commodities, and the Women in Global Trade project for Egypt.
“The ITFC will support Egypt's development process, and this agreement strengthens ties with Egypt's government and people. In addition, it has several positive effects on Egypt's development efforts, social upgrade, and intra-trade,” Sonbol pointed out.
He highlighted that the ITFC, as one of Egypt's strategic partners, has provided around $1,675 billion as funds to the country from 1985 to 2007 to support oil products and the wheat system.
Minister of Investment and International Cooperation Sahar Nasr said for the second year in a row, Egypt has coordinated with the ITFC to focus on logistic commodities and oil products to provide food security for Egyptians, adding that the ministry is eager to increase cooperation with the ITFC to boost internal trade and attract more investments to the domestic market.
Egypt's Minister of Petroleum and Mineral Resources Tarek el-Molla said the agreement reflects a successful partnership between Egypt and the ITFC to meet Egypt's market needs.
Source: Ahram Online

Clic here to read the story from its source.