ITFC Signs the 2023 Annual Work Program with Egypt for US$1.5 billion
The International Islamic Trade Finance Corporation (ITFC), signed the 2023 Annual Program with the Arab Republic of Egypt with the total amount of US$1.5 billion, which comes under the framework agreement signed between the two sides for 5 years, worth US$6 billion.
The signing was witnessed in Cairo by H.E. Dr. Hala ElSaid, Minister of Planning and Economic Development and Governor of Egypt at the Islamic Development Bank, H.E. Eng. Tarek El-Mulla, Minister of Petroleum and Mineral Resources, H.E. Dr. Rania AlMashat, Minister of International Cooperation, and Dr. Maya Morsi, President of National Council for Women where the Annual Program was signed by Eng. Hani Salem Sonbol, CEO ITFC and Mr. Ahmed Youssef, Vice Chairman General Authority for Supply Commodities and Mr. Ashraf Abdallah, Deputy CEO for Financial and Economic Affairs in the Egyptian General Petroleum Corporation (EGPC).
The annual work program of the ITFC in Egypt for 2023 incorporates several activities, including trade financing in favor of the Egyptian General Petroleum Corporation worth US$ 800 million and the General Authority for Supply Commodities worth US$ 700 million.
ITFC will also seek to provide lines of financing for local Egyptian banks, including Banque Misr and the National Bank of Egypt, to support small and medium enterprises. ITFC will also develop trade development interventions, providing integrated trade solutions in the Arab Republic of Egypt through various programs with its international partners such as the Arab-Africa Trade Bridges (AATB) Program to help integrate Egyptian companies into global and regional supply chains to enhance trade relations with African countries, as well as the 2nd Phase of the Aid for Trade Initiative for the Arab States (AFTIAS 2.0) Program to support Egyptian youth, exporters and owners of small, medium and micro enterprises (MSMEs).
The annual work program for 2023 also includes the design and launch of the second phase of the program to support small women-owned businesses in the handicraft sector, fostering dialogue between cotton exporters from Africa and Egypt, and implementing a follow-up plan of the value chains project in the cotton sector in partnership with the United Nations Industrial Development Organization (UNIDO). The annual work program also promotes cooperation with the Egyptian General Petroleum Corporation and the General Authority for Supply Commodities in the field of digitizing international trade through digitizing documentary credits and digitizing shipping documents.
From his end, Eng. Hani Salem Sonbol, CEO ITFC, said: “ITFC’s work program for the year 2023 with the Arab Republic of Egypt affirms the strategic partnership between the ITFC and Egypt since 2008, which amounts a total of US$ 14.520 billion to finance and support energy and food commodities, empower exporters, youth, women, and small and medium enterprises, and facilitate trade."
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