Grand Egyptian Museum to boost tourism, help attract 30 million visitors by 2030: Al-Mashat    Polish investments in Egypt surpass $1.7bn, driven by green ammonia, furniture, and silo projects    Finance Ministry, MSMEDA implement ambitious plan to support entrepreneurs: Rahmy    Egypt, Russia, EU coordinate on Gaza peace implementation, Sudan crisis    Rubio sees Vance as 2028 favourite, fuelling talk of a joint ticket    Trump announces US boycott of G20 summit in South Africa over 'human rights abuses'    UNESCO General Conference elects Egypt's El-Enany, first Arab to lead body    Egypt repatriates 36 smuggled ancient artefacts from the US    URGENT: Egypt, Qatar sign $29.7 billion deal to develop North Coast mega project    Egypt's Cabinet approves petroleum exploration deal for Ras Budran, Gulf of Zeit    Egypt approves Feerum Egypt JV to boost local silo production, exports    Grand Egyptian Museum attracts 18k visitors on first public opening day    Egypt to adopt World Bank Human Capital Report as roadmap for government policy    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    Egypt launches new cancer pharmaceuticals sector to boost drug industry localization    Egypt, Albania discuss expanding healthcare cooperation    25 injured after minibus overturns on Cairo–Sokhna road    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Hungary, Egypt strengthen ties as Orbán anticipates Sisi's 2026 visit    Egypt's PM pledges support for Lebanon, condemns Israeli strikes in the south    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Egypt, Medipha sign MoU to expand pharmaceutical compounding, therapeutic nutrition    Egypt establishes high-level committee, insurance fund to address medical errors    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Syria releases preliminary results of first post-Assad parliament vote    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.



Industry Ministry, ICIEC meet to activate MoU to finance Egyptian exports
Value of credit-financing package corporation amounted to $5.5bn last year, says CEO
Shaimaa Al Aees Published in Daily News Egypt on 12 - 01 - 2016

The Ministry of Industry and Foreign Trade will meet with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Wednesday to discuss the mechanism of activating the memorandum of understanding (MoU) to finance exports.
ICIEC CEO Osama Abdul Rahman Kaissi said the value of the credit-financing package corporation amounted to $5.5bn last year, and it declared in a seminar Monday that it is considering opening headquarters in Egypt in 2016.
The corporation's project finance portfolio to member states amounted to $5.3bn and its total banking funds amounted to $113bn since it began in 1975 until now.
Kaissi said ICIEC finances joint projects amounted to 400m Islamic dinars, a monetary unit adopted by the Islamic Development Bank, which is the largest shareholder in ICIEC. The unit takes into account the weighting of several different currencies, and equivalent to the International Monetary Fund's Special Drawing Right.
"The primary objective is to contribute to the financing of projects and the flow of investment and exports. The corporation issued 144 insurance contracts for the benefit of exporters and banks in Egypt to cover export operations," he said.
"ICIEC's capital is $640m and the major share of funding comes from the Islamic Development Bank and the largest shareholders are Iran, the UAE, and Kuwait."
Egypt comes in sixth place in terms of shares in the finance organisation with 2.43%, Kaissi said.

Clic here to read the story from its source.