(3 minutes read)
- The development financing extended to Egypt by the International Islamic trade Finance Corporation (ITFC) has reached US$2.3 billion during 2021
- There are ongoing discussions on adding the Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) to the ITFC’s beneficiaries in future
- Also, there are plans to diversify areas of cooperation, including climate financing
The development financing extended to Egypt by the International Islamic trade Finance Corporation (ITFC) has reached US$2.3 billion during 2021.
There are ongoing discussions on adding the Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) to the ITFC’s beneficiaries infuture. Also, there are plans to diversify areas of cooperation, including climate financing.
These points were discussed during a meeting between Minister of International Cooperation, Rania A. Al-Mashat with the CEO of the International Islamic trade Finance Corporation (ITFC) Hani Sonbol. The discussions at the meeting underscored the need for enhancing joint relations and opening up the horizon of cooperation with the ITFC. A development agreement with a value of US$1.1 billion was allocated for the Egyptian General Petroleum Corporation (EGPC), and the General Authority for Supply Commodities (GASC).
Egypt is one of ITFC’s most important partners as its total number of financing operations amount to US$12.46 billion. It covers areas like the import of petroleum and petroleum products and food articles.
