Cairo, February 20, 2024, The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, entered into a significant agreement with the Arab Republic of Egypt on Monday, signing the institution's annual work program for 2024. This event is part of a broader framework agreement inked between the two entities for a five-year period.
The signing ceremony, held in Cairo and attended by various dignitaries including ITFC CEO Eng. Hani Sonbol, Minister of Planning and Economic Development Dr. Hala El-Said, Minister of Supply and Internal Trade Dr. Ali Al-Moselhi, and Minister of Petroleum and Mineral Resources Eng. Tarek El Molla, marked a milestone in the ongoing collaboration between the ITFC and Egypt.
The ITFC's strategic approach emphasizes collaboration with key sectors in Egypt, with the objective of boosting the growth rate, fostering sustainable economic and social development, and creating employment opportunities, particularly for youth and women, through the implementation of ITFC programs directed at Egypt.
During the signing ceremony, the launch of the Export Academy was announced. This groundbreaking initiative, the first of its kind in the Middle East, operates under the umbrella of the Aid for Trade Initiative for the Arab States (AfTIAS) Program of the ITFC. It is a joint effort between the Egyptian Exporters Association 'ExpoLink' and the Foreign Trade Training Center at the Egyptian Ministry of Trade and Industry. The academy is designed to enhance the export capacity of numerous entrepreneurs, with a particular focus on women, through targeted training programs aimed at enhancing their capabilities and skills.
Eng. Hani Sonbol emphasized the enduring partnership between the ITFC and Egypt, marking the 15th anniversary of cooperation. He revealed that the total approved amount by the ITFC for Egypt since 2008 has reached USD 16.5 billion, allocated to finance various operations including the supply of petroleum and its products, food commodities, programs, and miscellaneous projects. The ongoing collaboration underscores the commitment of both parties to fostering economic development and addressing key challenges.
