Egypt, ITFC discuss diversification of cooperation areas

ITFC signed a $1.1bln programme last January with the General Authority for Supply Commodities (GASC) and Egyptian General Petroleum Corporation (EGPC)

  

Rania Al-Mashat, Egypt’s Minister of International Cooperation, has met with Hani Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC), to discuss enhancing mutual relations, diversify the areas of cooperation between the two sides.

Both officials also addressed the features of the joint cooperation programme for the next year, within the framework of implementing the state’s development vision and the 2030 sustainable development goals.

ITFC signed a $1.1bn programme last January with the General Authority for Supply Commodities (GASC) and Egyptian General Petroleum Corporation (EGPC), but the funds increased to $2.3bn, which reflects the strength of mutual relations. Discussions are also underway on adding the Micro, Small, and Medium Enterprises Development Agency to the beneficiaries of the ITFC’s finance during the coming period.

Minister Al-Mashat praised the cooperation with the Foundation, one of the bodies affiliated with the Islamic Development Bank, and the joint efforts that took place during the last period and contributed to advancing the development plans of the state and the Foundation’s role in activating intra-trade among member states.

The Minister indicated the possibility of enhancing cooperation between the ITFC through the Saudi grant for financing small and medium enterprises, amounting to $200m.

She also touched on the session that the Ministry is scheduled to hold in cooperation with the Ministry of Environment and development partners within the Climate Finance Summit in Glasgow and the importance of the ITFC’s participation.

Al-Mashat also discussed the results of the joint coordination cooperation platform that was held with the participation of the Islamic Development Bank and its affiliated institutions.

For his part, the ITFC’s CEO praised the platform and its role in bringing together all relevant parties and enhancing communication between the government, the projects it seeks to implement, and development partners to provide development finance and technical support.

Sonbol praised the joint cooperation with the Egyptian government and expressed the institution’s openness to all cooperation opportunities to add more diversity to the joint development portfolio, especially in light of the development boom occurring in all fields. He explained that the ITFC is putting the final touches on the joint cooperation programme for the coming period, and it is currently discussing with the Ministry of Finance the development of the electronic platform for trade exchange.

He also pointed out that the Corporation is working on developing new policies for climate finance to keep pace with global developments aimed at combating climate change, adding that the Corporation is working to develop intra-regional trade among the member countries of the Organisation of Islamic Cooperation (OIC). The annual volume of the Corporation’s financing amounted to about $6bn.

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