Egypt registers first-half primary surplus of EGP 3.2 billion    ITFC approves $2.6 billion financing for Egypt    Hitachi to connect Gulf of Suez wind farm with Egypt national power grid    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    BRICS development bank admits Egypt as new member    Nermien Ismail Schools opens a new campus in O'West    Netherlands Embassy, E7kky Magazine celebrate success of 21 Egyptian women    Women make up 45% of Egyptian Atomic Energy Authority staff    Yas Island hosts travel partners at Formula 1 Etihad Airways Abu Dhabi Grand Prix 2021    Olaf Scholz becomes Germany's new leader, ending Merkel 16-year historic era    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    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    Brazil calls up 8 EPL players for World Cup qualifying    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    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    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    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







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



Egyptian government, ITFC agree on extending future cooperation
ITFC completes financing of $1.130bn for trade financing programme in Egypt
Published in Daily News Egypt on 03 - 07 - 2019

The International Islamic Trade Finance Corporation (ITFC) announced the implementation of $1.130bn for a trade financing programme in favour of the Egyptian government.
Three Egyptian ministers participated in the event that was organised on Monday evening, including the Minister of Investment and International Cooperation, Sahar Nasr, the Minister of Supply and Internal Trade, Aly Meselhi, and the Minister of Petroleum and Mineral Resources, Tarek El-Molla.
At the event, all parties agreed on extending their future cooperation in sectors of small and medium-sized enterprises (SMEs), building capacities, logistics, food security, and petroleum.
"The ITFC provided the Egyptian government with $1.130bn for the financing of petroleum needs along with wheat and rice imports, which matches the long standing relations with Egypt," Hani Salem Sonbol, CEO of the ITFC, said during his speech.
The ITFC's total finance in Egypt exceeds $8.5bn for several framework agreements for diversified programmes since starting operations in 2008, Sonbol explained. He added that, since the end of 2018, the ITFC funds in Egypt have taken on a new and vital dimension in enhancing food security for the country through funding for the ministry of supply and internal trade to finance the purchase of more than 1.3m tonnes of wheat and 125,000 tonnes of rice.
"We have also financed other programmes, including of building capacities and promoting competitive abilities for Egyptian exports' institutions. There are about 529 young Egyptian men and women who benefited from these programmes and enhanced their exports skills," Sonbol said.
The Egyptian women received the ITFC support to enhance participation in the global trade via the "she trade" programme, Sonbol added. He asserted that the ITFC funds for the Egyptian government is sign of trust for foreign investors and that the Egyptian economy is performing well.
Sonbol also praised Egypt's repayment of the funds in the previously agreed time despite the challenges it passed through and the economic conditions that the world is going through, adding, "I am sure that Egypt is confidently moving toward a brighter future."
The ministry of investment and international cooperation welcomed the ITFC's initiative to participate in the Arab-African trade bridges, Nasr revealed during her speech at the event, asserting that Egypt pays great attention to promoting relations with African partners in line with Egypt's presidency of the African Union (AU).
The cooperation with the ITFC is a successful story that reassures the international partners' confidence on the economic performance, Nasr said. She noted that the ITFC is always a supportive partner with, not only funding, but also the timely response to the authority's imports' needs.
The ministry of investment and international cooperation focuses on supplying the needs of the most needy categories, Nasr said, adding, "we added to our cooperation agreement with the ITFC as it is very crucial to the low-income people."
The portfolio of the Islamic Bank for Development (IBD) in Egypt is at $21.6bn, Nasr said, adding that both sides agreed that future funds will focus on supporting women, youth, and SMEs with remarkable attention to the governorates not only in Cairo.
"We are keen on more collaboration between the ITFC and the Egyptian private sector as this reduces the burden off the government," Nasr concluded.
Additionally, the ministry of petroleum and mineral resources received the biggest share of the ITFC finance in Egypt with about $8bn since 2008.
El-Molla, said during his speech that, "over the years, we had more than the needed support from the ITFC. I would like to thank the Egyptian financial institutions for their support too."
El-Molla called on the ITFC to extend its support for the Egyptian government especially that his ministry repaid the loans premiums on its due time.
For his part, the minister of supply and internal trade pointed out the importance cooperating with the ITFC. He said this especially in terms of financing the infrastructure of internal trade, such as warehouses and logistics, whether in Egypt, international, or regional markets.


Clic here to read the story from its source.