ITFC to provide Egypt with $1.1 bln in finance solutions for 2021

SectorFinancial Markets

The International Islamic Trade Finance Corporation (ITFC) is set to extend $1.1 billion in financing solutions to Egypt in 2021. Through a virtual event, Egypt’s Minister of Planning and Economic Development and Egypt’s governor at the ITFC, Hala El-Said, with the ministers of international cooperation, petroleum and mineral resources, supply and internal trade, industry and trade, witnessed on Wednesday the signing of the ITFC’s financing programme for Egypt. The programme is expected to provide Egypt with finances, projects, and programmes to facilitate trade, building capacities, extend corporate support, and enhance competitiveness of the external trade sectors, according to El-Said. The programme will also include carrying out digitalising trade operations, upgrading value chains’ performance in the cotton sector in collaboration with the United Nations Industrial Development Organisation (UNIDO), in addition to boosting women entrepreneurship through the ITFC’s SheTrades programme, added El-Said. The minister expounded that the signed programme comes under the strategic partnership between Egypt and the ITFC, in light of the framework agreement inked between the two sides in 2018. Through the 2018 agreement, the ITFC provides Egypt with $3 billion over five years to both enable the country in providing basic food commodities, raw oil products; as more...