Egypt, ITFC partner to boost commodities supply

Aiming to meet the Egyptian government's needs for basic strategic commodities

  
ArabFinance: The Egyptian planning ministry, in cooperation with the International Islamic Trade Finance Corporation (ITTFC), launched on October 13th a capacity building program for Egypt's General Authority for Supply Commodities (GASC), according to an October 14th statement.

CEO of ITTFC Hani Sonbol said that the program comes after approving $200 million (EGP 3.133 billion) loans for GASC, aiming to meet the Egyptian government's needs for basic strategic commodities, as well as enhance the authority’s capabilities to curb the coronavirus impact.

The initiative comes within the framework of the "integrated trade solutions" project that ITTFC, a member of the Islamic Development Bank Group, provides to its member states to support its development programs, the statement added.

Planning minister Hala el Said said the program includes three training courses covering commercial banking transactions, as well as management of commercial procedures.

El Said, who is also governor of Egypt at the Islamic Development Bank Group, noted that 44 trainees from the supply ministry will benefit from the program, adding that the Egyptian Banking Institute will implement the training.

 

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