ArabFinance: The International Islamic Trade Finance Corporation (ITFC) provided development financing to Egypt worth $2.3 billion during 2021, according to a statement by the Ministry of International Cooperation.

Currently, both parties are ongoing discussions on adding the Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) to the ITFCs beneficiaries in the upcoming period, as well as means of diversifying areas of cooperation, including climate financing.

They also discussed joint development cooperation between both sides, as in 2021, a development agreement with a value of $1.1 billion was allocated for the Egyptian General Petroleum Corporation (EGPC), and the General Authority for Supply Commodities (GASC).

Additionally, they touched upon the Corporations efforts in promoting Egyptian exports.

However, there is a potential of enhancing cooperation between the ITFC and the Saudi Grant, to finance Small and Medium-sized Enterprises (SMEs), through the development financing worth $200 million.

It is worth noting that Egypt is one of ITFCs most important partners as its total number of financing operations amount to $12.46 billion, covering the import of petroleum and petroleum products, and food commodities.

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